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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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What is Planned economy ? Advantages and Disadvantages of Planned Economy

Find out Advantages and disadvantages of planned economy (command economy) listed below. So let us check out points on advantages and disadvantages to know more about planned economy. This type of economy system is controlled by governement. In Planned economy, government decides how much is produces, what to produced, the methods of the production and the price of goods or services.

What is Market economy ? Advantages and Disadvantages of Market Economy

Check out Advantages and disadvantages of market economy (capitalism) given below. So let us find out some points on advantages and disadvantages to know more about market economy. This type of economy is nearly free fro governement interference, Economy is based on private ownership where individual control the production, distribution and sales of goods and services.

Advantages and Disadvantages of International Trade

Check out Advantages and Disadvantages of International Trade discussed below. So let us find out some information on advantages and disadvantages to know more about International Trade. It is a trade between nations in the form of imports as well as exports. International trade can be considered one of the important souce of revenue in the developing countries. Trade between countries is the exchage of both services and goods among the countries of the world economy.

Advantages and Disadvantages of Cloud Computing

Advantages and Disadvantages of Cloud Computing are as follows, So let us check it out one by one.

Advantages

The following are the advantages of cloud computing :

1. More Secure

Cloud computing is more secure than traditional IT system. Cloud computing provides users with capabilities to store their process and data in third party data centers. Cloud security consist of set of controls, policies, technologies and procedures that works together to protect colud based system.

Advantages and disadvantages of Advertisement in Points

Check out Advantages and Disadvantages of Advertisement in Points which are discussed below. So let us find out some points on advantages and disadvantages to know about advertisement.

Advantags of Advertisement in points are :

Advertisemet can be used to build brand Loyalty.

Advertisement creates ground for personal selling.

Advertisement helps to communicate information to the people.

It also helps to educate people.

Advertisement creates image for the products of services in the market.

It helps to build goodwill.

Advantages and Disadvantages of Solar Energy

Some of the Advantages and Disadvantages of Solar Energy are as follows. So let us check it out information on advantages and disadvantages to know more about solar energy

What is solar energy?

The light and the heat from the sun is converted into electricity with the help of photovoltaic cells or solar panels. Solar energy is one of the fastest growing and environmentally friendly and sustainable trend in renewable energy.