Traditional Economy

handed-down Ecomomy - 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. - at that place is ill-judged room for innovation or change. - Work tends to be shargond among sex activity 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 atomic number 18 few mechanisms to portion emerge with environmental disaster, and in that location may not be roil to everyday goods. - They are lacking in modern solace and find a low standard of living. - Traditional economies are often found in rural regions. - The people of the gild 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 sensible 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. - exigent rules have the effect of punishing people who act contrary or break the rules. This leads to lack of progress and economic stagnation. Examples of Traditional economie! s - 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 chief(prenominal) 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 life-style that revolves...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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