The article is devoted to the analysis of the segment of the economy of many regions of the country, where there is a preservation of traditional methods of production and economic activity, providing a sufficient level of employment and income of the local population, called «ethnoeconomics». It is shown that the latter is based on the phenomenon of ethnicity, unique methods of doing business and the corresponding system of institutions and informal relations. Trust relationships are considered as the core of the system of economic relations on which the ethnoeconomics is built not only in places (territories) of traditional existence, but also outside - in cities and other settlements. Two types of ethnoeconomics are distinguished - traditional (rural) and urban - and their characteristic features are revealed. Ethnoproduction, ethnotourism and ethnoculture are considered as the main forms of implementation of ethnoeconomics. It is shown that in the conditions of developed innovative production, traditional crafts and ethnic economic activity demonstrate weak competitiveness, in connection with which state support of the ethnoeconomic sector is necessary. As an example, the practice of implementing the state program «Development of the tourist and recreational complex and folk arts and crafts in the Republic of Dagestan» is considered. The need to form institutions of traditional (rural) and urban ethnoeconomics (ethnoentrepreneurship) on a new qualitative basis is substantiated. It is concluded that the ethnic economy is not a primitive or medieval economy, but a real way of creating and preserving the cultural identity of peoples, creating jobs and increasing the income of indigenous ethnic groups. The results of the study can be used for further development of the theory of ethnoeconomics, as well as in the development of strategic programs for the development of ethnoterritories and ethnoentrepreneurship both in the country as a whole and for individual regions and municipalities.