The main advantage of a traditional economy is that
the answers to WHAT, HOW, and FOR WHOM to produce are determined by customs and tradition
. The main disadvantage of a traditional economy is that it tends to discourage new ideas and new ways of doing things.
What are 2 disadvantages of a traditional economy?
- It isolates the people within that economy. …
- Large outside economies can overwhelm a traditional economy. …
- It offers few choices. …
- There may be a lower overall quality of life. …
- It creates specific health risks. …
- Unpredictability creates survival uncertainties.
What is an advantage of a traditional economy quizlet?
Positions within the society are already established. A4. Basic economic questions are already answered by traditions and customs. A5.
Life is generally stable, predictable, and continuous
.
What are some characteristics of a traditional economy?
A traditional economy is a system that relies on customs, history, and time-honored beliefs.
Tradition guides economic decisions such as production and distribution
. Traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of the above. They use barter instead of money.
Which are advantages of a traditional economic system?
The benefits of a traditional economy include
less environmental destruction and a general understanding of the way in which resources will be distributed
. Traditional economies are susceptible to weather changes and the availability of food animals.
Why traditional economy is bad?
The advantages and disadvantages of the traditional economy are quite unique. There is little waste produced within this economy type because
people work to produce what they need
. That is also a disadvantage, because if there is no way to fulfill production needs, the population group may starve.
What is an example of a traditional economic system?
Two current examples of a traditional or custom based economy are
Bhutan and Haiti
. Traditional economies may be based on custom and tradition, with economic decisions based on customs or beliefs of the community, family, clan, or tribe.
What is a disadvantage of a traditional economy?
The main advantage of a traditional economy is that the answers to WHAT, HOW, and FOR WHOM to produce are determined by customs and tradition. The main disadvantage of a traditional economy is that
it tends to discourage new ideas and new ways of doing things
.
What type of government is traditional economy?
A traditional economy is
a system that relies on customs, history, and time-honored beliefs
. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them. They use barter instead of money.
What is the goal of a traditional economy?
This economy relies
on tradition and culture to choose what goods and services will be produced, how those goods and services will be produced, and how those goods and services will be distributed throughout the populace
.
What are the advantages and disadvantages of traditional command and market economies?
Command economy advantages include
low levels of inequality and unemployment
, and the common objective of replacing profit as the primary incentive of production. Command economy disadvantages include lack of competition and lack of efficiency.
What is a disadvantage of command economy quizlet?
What are the advantages and disadvantages of a command economy? Advantages: Can quickly and dramatically change if needed by shifting resources. Disadvantages:
It does not meet the demands of consumers, it does not give people a reason to work hard, and it requires a large decision-making government agency.
What’s a main disadvantage of a traditional economy quizlet?
What are the disadvantages of a Traditional Economy?
A Change of economy is discouraged and perhaps punished
, and one in which the methods of production are inefficient.
What are the five characteristics of a traditional economy?
- Traditional economies are often based on one or a few of agriculture, hunting, fishing, and gathering.
- Barter and trade is often used in place of money.
- There is rarely a surplus produced.
- Often, people in a traditional economy live in families or tribes.
Which summarizes the main characteristics of a traditional economic system?
Which summarizes the main characteristics of a traditional economic system?
Direct trade, no competition, relies on customs
. How do economic alliances, such as the European Union (EU) and the North American Free Trade Agreement (NAFTA), affect international affairs? They increase trade among member nations.
What is the best economic system?
Capitalism
is the greatest economic system because it has numerous benefits and creates multiple opportunities for individuals in society. Some of these benefits include producing wealth and innovation, improving the lives of individuals, and giving power to the people.
