Prepayment definition: A prepayment is a payment that you make before you receive goods or services, or before a... | Meaning, pronunciation, translations and examples
A traditional economy is an economic system where decisions are  based on customs, beliefs, or religion within a social community.  People work together to produce goods to â¦ meet their needs, and  share with family. They trade with their community/family with  their excess.
What is a 'Market Economy'. A market economy is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses. There is little government intervention or central planning.