Traditional Economies

Traditional economic systems are a sort of primitive system, so not too many of them exist today.  They used to be how every economy worked, but nowadays there are much better ways to handle things so people have more fulfilling lives.  That being said, Africa is known to have the most of these economies with tribes still living off of the land and doing things for the group.

Traditional economies pose more disadvantages than advantages when compared to modern economies.  For example, there is much less luxury when operating a traditional economy because everything you do is for the greater good of the group and you put yourself at a worse position because of that.  Traditional economies also have much lower production due to the fact that they resist change and don't adopt newer, more efficient methods of doing things.  People in these economies tend to be forced into jobs that they aren't really the best at and there isn't much specialization because most of the people need the same skill-sets.  That being said, traditional economies clearly answer the three economic questions better than any other system. There is little disagreement on economic goals because it is a sustainable system for survival and these methods of achieving survival have been ingrained into their cultures for such a long time.

Answering the three economic questions:

1. What is to be produced? What is produced in a traditional economy is almost entirely what is needed for survival of the group.  The greater good of the group is above all else, and that is what drives what is to be produced because trade is practically nonexistent in this form of economy.

2. How will goods be produced? In a traditional economy, how goods will be produced never really changes because they have had their methods down for so long.  They are masters at producing enough goods for survival and they know exactly how to best use their environments to their advantage.

3. For whom will the goods be produced? The goods are produced for themselves because they are a self-sustaining unit that is able to cope on its own.

Comment Stream

2 years ago
0

Could use an infographic or more pictures, but the requirements have been met and it was informative.

2 years ago
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You thoroughly answered all of the questions that were required, while providing me with extra background knowledge about the major factors of a traditional economy. Very niceee

2 years ago
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Nice, but could have used another image. Pretty cool though.

2 years ago
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Not enough pictures, but good amount and quality of written content.

2 years ago
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I like the information you have, but I think it will be better if you can organize it more instead of just having big paragraphs.