A traditional economy is based on an established economy that has proven successful in the past. Resources are allocated by inheritance. There is no waste of resources and roles are well defined. A huge disadvantage, however, is a resistance to change.
They have a close knit community
They know exactly what their jobs are
They know how to produce what they need
Tradition dictates who gets the first pick of the resources
obviously because traditional economy shares all there goods and services which is fair and it causes no pollution
2 advantage of traditional economy
Kazakhstan has a Traditional economy
command economy
Traditional Economy.
Traditional Economy.
Agriculture drives the economy
The country that uses the traditional economy system is Cuba
Kazakhstan has a Traditional economy
A mixed economy is a system that combines characteristics of market, command, and traditional economies. It benefits from the advantages of all three while also experiencing some of the disadvantages.
command economy
Traditional Economy.
Traditional Economy.
Agriculture drives the economy
In a capitalist system, the government answers the three basic questions.
A Traditional Economy Based on Farming :)
It's an economy controled by a central administrater
No, Capitalism is a market economy
traditional economy