Definition/basics
What does the traditional economy rely on?
The Traditional Economy depends/relies on customs, history, and time-honored beliefs. (Basically Agriculture)
Name some ways how they rely on natural resources? (Name 2 or three categories)
They rely on hunting, agriculture, gathering, fishing, etc.
What is the main system used in the traditional economy?
The barter system(trading items between two or more groups of people, does not include money.) is the main system used in the traditional economy.
What is one bad thing about the traditional economy?
There is no modern technology to make life easier
How does it help other countries to get items?(what specific way)
Through exporting
Name 3 countries with a traditional economy.
Here are 3 countries with a traditional economy:
Ethiopia, Bangladesh, and Papua New Guinea.
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 does the Traditional economy rely on to help lead their economic decisions? (be specific)
The Traditional economy relies on experience and past knowledge to lead them in making economic decisions.
Name a specific main con (hint: its also 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 maybe!!
How do people get what they want 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 strategies traditional economies use to trade stuff?
Bartering (The act of trading one good for another good of agreed-on equality in value), and family trading.
Name 2 new pros and 2 new con's in the Traditional Economy.
Possible answers:
People know what they gotta do and what their role is in the economy. Even if they don't like their job they don’t rebel against it because they know this economy has kept everything smooth for centuries.
This economy is very sustainable compared to a more technological based economy. This is because they are smaller and only produce what they need.
People don’t oversupply things. This makes people only have things that they need. Doing this leads to more quality in products and less greediness.
People working in a traditional economy certainly don't have access to technology or media.
There is not much innovation or change in this economy. People keep everything traditional, so they won’t allow much change.
People working there face challenges trying to improve and build their economy. They also have a hard time getting a hold of goods and services.
Traditional economies can get ruined by bad weather or disasters like rain, hail, tornados, hurricanes, thunder storms, Etc.
State three reasons how traditional economies contribute to global development (be specific)
It allows the economy to diversify continuously, provides a greater amount of goods and services, and purchasing power of customers increases. Allows for more innovation, it helps other countries to get items (Through exporting), and less Environmental destruction.