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.
A traditional economic system isâhere's a shockerâshaped by tradition. The work that people do, the goods and services they provide, how they use and exchange resourcesâ¦ all tend to follow long-established patterns. These economic systems are not very dynamicâthings donât change very much.