- A traditional ecomony relies on habit, custom or ritual to decide questions of production and consumption of goods and services. Theyre made up of communities that tend to stay relatively small and close.
- There is shortsighted room for innovation or change.
- Work tends to be shargond among gender lines; girls follow their mothers and boys most likely take the byplay of their fathers.
- In traditional economies, its hard to adapt new technology or new ideas.
- There are few mechanisms to portion out with environmental disaster, and there may not be nettle to everyday goods.
- They are lacking in modern comforts and find a low standard of living.
- Traditional economies are often found in rural regions.
- The people of the nine decide what to arrive at, how much to produce, how it should be produced, and who should sterilize te product.
Advantages of a Traditional ecomony
- Everyone has their own role to play and is aware of what it is.
- The decisions of who to produce to are determined by customs and traditions of society.
- There is a strong social network based on methods and tools
Disadvantages of a Traditional ecomony
- New ideas and ways of doing things are discouraged.
- Strict rules have the effect of punishing people who act different or break the rules. This leads to lack of progress and economic stagnation.
Examples of Traditional economies
- Inuit of northerly Canada - Lived in villages and were a close knit community, there was relatively little trading of goods amongst villagers because everyone shared what was made.
- Quiche Maya of Quatamala - Agriculture was the main basis, and they created techniques of spinning, dyeing, and weave cotton.
- African Mbuti - The Mbuti live within the rainforest so their get across with other cultures is limited. They have a lifestyle that revolves...If you want to get a full essay, order it on our website: Orderessay
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