Why is "traverse folder" and "execute file" a combined permission?

The Advanced permissions dialog for an NTFS directory lists one of the permissions as "Traverse folder / execute file".

These seem like two separate and completely unrelated concepts to me.

Can anyone provide a rationale/explanation of why these two concepts have been combined into a single permission? Official documentation would be best of course, but I'll take educated guesses.

Solution 1:

From filesystem standpoint, entering a directory is akin to executing, or activating, it.

It clearly is a convention (directory are not really "executed"), probably rooted to the shortage of classical filesytem flags/permissions on Unix (where the "x" flag stand both for "directory enter" and file execution).