Traditional Economy

The Basics

200

This economic system relies on customs, beliefs, and long-standing habits to make decisions.

What is a traditional economy?

400

This practice involves exchanging goods or services directly for other goods or services without using money.

What is bartering?

600

_{These are the two primary occupations found in traditional economies to meet basic needs.}

_{What are subsistence farming and hunting/gathering?}

800

_{This is the primary method used to pass down skills and economic roles from parents to children.}

_{What is apprenticeship (or tradition/custom)?}

1000

_{Traditional economies primarily focus on this goal rather than accumulating massive wealth.}

_{What is survival (or meeting basic needs)?}

Pros, Cons, and Comparisons

200

_{In a traditional economy, this factor dictates what is produced and how it is made.}

_{What is culture (or custom/tradition)?}

400

_{A major disadvantage of this system is its extreme vulnerability to these unpredictable natural events.}

_{What are weather patterns (or natural disasters)?}

600

Unlike a market economy, this is the typical speed of economic change or innovation in a traditional system.

What is slow (or stagnant)?

800

These are the three fundamental economic questions every society—including traditional ones—must answer.

What are "What to produce?", "How to produce?", and "For whom to produce?"

1000

This is where you are most likely to find traditional economies in the modern world.

What are remote or rural areas (or developing regions)?