What Are Some Advantages And Disadvantages Of A Traditional Economy?

Question

What Are Some Advantages And Disadvantages Of A Traditional Economy?

4 Answers

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Answer 1

Advantages:

1. Every person belonging to this economy knows who they are and what their jobs are. They don't complain.
2. They have a strong social network based on primitive methods and tools.

Disadvantages:

1.When new technology is introduced they are unwilling to work with it.
2. They produce more food then needed.

Answer 2

Traditional economy is very stable. People know what to expect.
Everyone has a place in the economy. No one is left out.

Disadvantages:-

Individuals don't have much choice in the type of work they do. Their roles are based on customs.

Change comes very slowly...

Answer 3

Need more advantages and disadvantages of t

Answer 4

Advantages of this economy is that the role of individuals are defined. Every one in the society knows what each persons suppose to do and what not to do. Disadvantages of this economy is that, this society is often slow to change.