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Traditional Economy
An economic system where decisions are based on customs, beliefs, and traditions passed down through generations.
Subsistence Agriculture
Farming that provides just enough food to feed a family or small village with little to no surplus for sale.
Nomadic Herding
A traditional practice of moving livestock from place to place to find fresh pasture and water.
Cottage Industry
A small
Commercial Agriculture
Large
Commercial Industry
Large
Capitalism (Free Enterprise)
An economic system based on private ownership, large