1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
GenaCL600 [577]
3 years ago
14

What are some advantages to a traditional economic system?what are some disadvantages?

History
2 answers:
olga nikolaevna [1]3 years ago
7 0

Explanation:  The traditional economy is characteristic of rural remote areas with a traditional value system, where there are family and sometimes tribal ties. This kind of economy is based on agriculture, hunting, fishing, mostly. Everything that is produced is mainly consumed for personal use and the monetary system is neither developed nor particularly valued.

The advantage of a traditional economy is that in the chain and hierarchy of jobs, everyone knows their place exactly, there is no need for additional qualifications, training, at least not greatly. There is no race for profit since only small amounts of surplus products are exchanged or sold, so there is no headache about uncertain investments, how sales will be realized, etc. Everyone knows what resources they need, how they will find it, and how they will distribute products among family members, groups and tribes. One important thing about an economy like this is that there is no race for profit and no increase in production except for personal needs, no increase in production capacity, expansion and advancement, and no drastic destruction of the natural environment.

The disadvantages of a traditional economy are, for example, if the year is not rainy or sunny, depending on the type of production, yields can be very low and families and tribes are at risk of food shortages. So this kind of economy depends on the weather and that's why those who are pursuing such an economy constantly fear whether the weather will be favorable for their production during the year. In addition, if there is not enough fish or animals for some reason that year, the catch will be smaller and therefore less food.

IRINA_888 [86]3 years ago
5 0
An advantage in a traditional economy people only have one job. This makes it easier to know what you'll do. A disadvantage would be that there isn't much room for advancements. There most likely won't be new inventions or discoveries. 
You might be interested in
I am the future of the United States of America means
GuDViN [60]

Answer:

It means the future of the United States of America

3 0
3 years ago
Read 2 more answers
What gives the author's writing about the Civil War authenticity? A. Bierce lived during the Civil War time period. B. Bierce ac
EleoNora [17]
Because <span>Bierce lived during the Civil War time period, her writing about the Civil War can be considered authentic.</span>
4 0
3 years ago
Please help:)I will give Brainliest if correct
xxMikexx [17]
The answer is A) all of the above
3 0
3 years ago
Read 2 more answers
What did the supreme court rule in case regarding the sedition act?
Dmitry_Shevchenko [17]
It ruled the act constitutional
7 0
3 years ago
Read 2 more answers
Why did the United States create the national defense education act
kicyunya [14]
The National Defense Education Act was created in response to the launch of Sputnik l.
4 0
3 years ago
Other questions:
  • The arch of septimius severus commemorated ___________. it consists of how many arches? according to one story, a youth named cu
    9·1 answer
  • 10. Give an example of how the wealthy can benefit a mass of people rather than just a few.
    5·2 answers
  • The Virginia plan called for members of senate to be
    15·2 answers
  • What was the Commercial Revolution?
    12·2 answers
  • Describe ONE way in which the painting shows a continuity in the
    9·1 answer
  • Name two ways in which the New Jersey colony was more democratic than many colonies.
    10·1 answer
  • What two companies built the transcontinental railroad?
    15·1 answer
  • Near the end of the Revolution the American alliance with this country made a major difference as they were supplied with a navy
    9·1 answer
  • The author supports the claim made in paragraph 17 by —
    15·1 answer
  • Why is squid game so popular?​
    5·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!