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traditional economy: an economic system that allo-
cates scarce resources according to custom; change and
growth are very slow; people do what their parents did
before them; and most goods are produced and consumed
locally.
transfer payments: payments that represent a re-
distribution of wealth, such as Social Security benefits, pen-
sions, welfare, rather than an exchange for goods or services.
travelers' checks: checks sold by certain banks and special-
ized firms (such as American Express) that arc refundable if
lost or stolen. treasurer: someone who is in charge of the
money that belongs to an organization.
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