Traditional Economy

Introduction

This economy is the most traditional and ancient type of economy in the world. Traditional economies still produce products and services that are a direct result of their beliefs, customs, traditions, religions, etc.

Facts

-People produce their own food by farming, hunting, fishing, and gathering.

-Each member of the traditional economy has a known role, these socities are very well known and socially satisfied.

-Traditional economies would never see the profit that results in a market or mixed economy.

-A disadvantage from traditional economy is that they dont enjoy other economies take for granted, things that are used today.

Refutations

Some people say that Traditional economy is not good because you have to wait for your crops to grow instead of getting it instantly; but you get your food healthier instead of contaminated or no artificial colors added.

Conclusion

Traditional economy is basically the best economy. It's the most common used economy and mostly everyone knows what it's known for. It shows a lot of efforts to model a desirable economy. It involves , taking decisions of the lives of the people in the economy, which helps you understan more and more of the economy. It very known and a very old economy, but still good.