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.