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What is traditional economy ? Advantages and Disadvantages of Traditional Economy

Find some Advantages and Disadvantages of traditional economy. So let us check out information on advantages and disadvantages to know more about traditional economy.  In this type of economic system every person has a specific role in the society that is defined by its customs and traditions, traditional economy is based on simple industry and agriculture.

Some points on advantages of traditional economy are :

  1. In traditional economy higher occupancy and better engagement of people within the community is observed.
  2. Less disagreement among their economic goals in traditional economic system.
  3. Traditional economies answers the three economic questions.
  4. They produces what is best to ensure survival.
  5. Distribution of goods is determined by custom and tradition.
  6. Life is generally stable , predictabe and continuous in traditional economies.
  7. Everyone knows their role in this system so there is no or very less uncertainty.
  8. Much cooperation among the people is seen, they share their resources.
  9. Little surplus or waste of goods.
  10. Less distructive to the environment.

Some points of disadvantages of traditional economy are:

  1. People following traditional economy resist change.
  2. Lower standard of living in traditional economy due to lack of progress.
  3. They discourage new ideas and new ways of doing different things
  4. Little surplus exists in traditional economy.
  5. Choice among consumer goods is rare.
  6. Rare or little increase in the level of material well being.
  7. Things in traditional economy tend to stay the same.

What are the advantages and disadvantages of Mixed Economy ?
What are the advantages and disadvantages of Planned  Economy ?
What are the advantages and disadvantages of Market Economy ?

 

 

 

 

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