Definition
What does the traditional economy rely on?
The Traditional Economy depends/relies on customs, history, and time-honored beliefs.
What does a traditional economy usually become?
Traditional economies gradually become mixed economies using different aspects of capitalism, communism, and socialism.
Where do traditional economies usually reside?
They reside in a natural environment with easy access to natural resources that are used for trade.
What is one bad thing about the traditional economy?
There is no modern technology to make life easier.
State 1 reason why traditional economies contribute to global development (be specific).
Possible answer: It allows the economy to diversify continuously
What is the most important thing in a traditional economy
The most important things are traditions and being self sufficient
What is the downside of a traditional economy?
The downside is if other groups or tribes of people start to use a generous amount of resources or materials needed to trade it can negatively impact the economy.
What are signs a traditional economy has evolved?
The economy starts to evolve when they start farming and settling down. At this point in time they are more likely to have excess resources which are used for trade.
Name a con associated with farming.
Traditional economies can get ruined by bad weather or disasters like rain, hail, tornados, hurricanes, thunder storms, Etc.
What are some things traditional economies produce that are sold world wide?
Organic food, Handmade crafts and natural medicines.
How do people obtain resources in a traditional economy?
They trade goods and service instead of money
What does a traditional economy usually become?
Traditional economies gradually become mixed economies using different aspects of capitalism, communism, and socialism.
What are some economic strategies used in a traditional economy?
(One of the answers.)
Bartering (The act of trading one good for another good of agreed-on equality in value), and family trading,
What is a good thing about having a traditional economy?
A Possible answer; People have a role in their society as money to provide for your family did not explicitly exist. They were living in a village-like environment where everyone is obliged to help out else everything might not run smoothly.
What is a benefit of trading resources rather than money?
Short group discussion.