Traditional Economic System

Kimberly, Vincent, Zhenwei, and Abby

Characteristics of a Traditional system

Unlike most economic systems, a traditional system dictates most social behavior.

It stems from ritual, habits, or customs from ancestors.

Traditional economies are often based on one or a few of agriculture, hunting, fishing, and gathering.

Advantages

  • Everyone knows what role needs to be played in a traditional system.
  • It's stable, predictable, and life is continuous.
  • Destruction to the environment is low due to farming and land use in a positive matter.

Disadvantages

  • Lower standard of living.
  • Stagnatic and lack of of progress.
  • Since this type of economy relies on farming, when there are weather changes their food supply is jeopardized.

Questions to be asked???

Is this economic system a viable place to live? A traditional economic system displays many simple and affordable lifestyle, so it would be considered a viable place to live. Will they be able to find jobs? Inhabitants of this type of economy will have a wide variety of jobs due to gathering food and keeping old customs. Will they find a home? Typically in a traditional economy everyone that is involved helps one another and it's very easy for them to know their place and know what needs to be done, so finding a home wouldn't be all that hard to find. How will they eat? Again a traditional economy depends on one or more of the factors; fishing, agriculture, hunting, and gathering so finding food to strive off of isn't at all difficult.