7th Grade SW Asia Traditional Economy

__________ economies are the oldest economic systems in place.

• Traditional

• Command

• Market

• Specialization

In a traditional economic system, __________ is inherited.

• jewelry

• livestock

• furniture

• land

Traditional economies rely heavily on __________ to meet the needs of citizens.

• farming and agriculture

• farming and manufacturing

• manufacturing and agriculture

• agriculture and services

What is Traditional Economy ?

• Culture and Rituals

• Government

• Consumers

• Market Concepts

What are the characteristics of a traditional economic system?

• Relies on government

• Driven by consumers

• built upon traditions, customs, and beliefs

What are the Traditional economies work with the natural environment ?

• Shelter and Farming

• slaves

• Fish and soup

• goods and services

What is an economy?

• It describes how a country manages it's money and resources

• How one country pays the other

• How a country protects it's citizens

Define a traditional economy

• The government has full control of the financial structure.

• Consumers and Producers make the decisions.

• Based on family custom and tradition. No money is exchanged. People trade.

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

Which type of economic system is people making and growing their own food?

• Traditional

• Command

• Market

• Mixed