ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Discourages new ideas and new ways of thinking
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Lower standard of living
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lack of progress
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Stable, predictable
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Detailed explanation-1: -The main advantage of a traditional economy is that the answers to WHAT, HOW, and FOR WHOM to produce are determined by customs and tradition. The main disadvantage of a traditional economy is that it tends to discourage new ideas and new ways of doing things.
Detailed explanation-2: -Often in a traditional economy, there is no surplus and no resources, and bartering is used to exchange for needed goods. The benefits of a traditional economy include less environmental destruction and a general understanding of the way in which resources will be distributed.
Detailed explanation-3: -Existing in a hunter-gatherer and nomadic society. Producing only what it needs. Relying on a barter system. Evolving once it starts farming and settling.
Detailed explanation-4: -Keeps the Traditions and Customs Alive: In traditional countries, people preserve skills and art within respective communities, tribes, and families. No Wastage of Goods: Since the goods are produced only to meet the requirements of the community, tribe, or family, there is no surplus. More items