Traditional Economy
Is a type of
economy that still uses battering, hunting or gathering while using primitive
tools such as spears.
Some feel that this may be out of date and thus refer to it as a traditional economy. This economic system is based on customs, beliefs religion and habits. Advantages for a traditional economy are Roles are defined much better than some of the other economies, it is sustainable and good for the environment, No arguments, around prices because there aren't any, Everybody is equal in a traditional economy these are the advantages of a traditional economy. Disadvantages of a traditional economy are not many changes in tradition, Not many goods and services used in a traditional economy, A traditional economy limits major changes these are the disadvantages of a traditional economy. Some cultures in Africa and Asia. such as countries like Bangladesh Burma rely on farming as their main way for both employment and for producing food for the family and the nation. |