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.
Quick Answer. According to Econedlink.org, traditional economies are found in parts of the Middle East, Asia, Africa and South America. Traditional economies are found in developing countries; many of these countries rely on gathering, hunting and farming. These countries have an economic system that involves cooperative decisions in social communities based on tradition or customs. The people that live in these countries work collectively to meet daily needs and produce goods.