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What type of economy does Africa have?

Sagot :

The village grows its conventional economy. In a subsistence economy, the productive system operates in accordance with tradition and legacy.

Agriculture, intensive breeding, fishing, hunting, collecting, and handicrafts are examples of income-generating activities, as shown in the example. Exchange or bartering is used as a form of payment in this sort of economy. A traditional economy is one that primarily relies on traditions, history, and conventions. Tradition guides economic decisions in this sort of economy, such as supply and output. Agriculture, fishing, hunting, and gathering are its foundations. Bartering is the primary form of trade.

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