Traditional Economy Reading

What is a traditional economy also known as?

• Subsistence economy

• Mixed economy

• Command economy

• Market economy

Where are traditional economies typically found?

• Impoverished countries

• Developed countries

• Urban areas

• Industrialized nations

What are the main tasks for workers in a traditional economy?

• Hunting, gathering, and cultivation

• Manufacturing

• Technology development

• Financial services

What is one advantage of a traditional economy?

• High surplus production

• Increased financial well-being for individuals

• Deepened social bonds and unity

• Rapid technological advancement

Which tribe is an example of a society that still uses a traditional economy?

• Navajo tribe of the United States

• Maasai tribe of Kenya

• Inuit tribe of northern Canada

• Aboriginal tribe of Australia

What is the main disadvantage of a traditional economy?

• Many individuals living in poverty for their entire lives

• Rapid technological advancement

• Increased financial well-being for individuals

• Deepened social bonds and unity

What happens to any excess goods produced in a traditional economy?

• They are exported to other countries

• They are sold in the market

• They are distributed among the workers

• They are given to a ruling authority or landowner

What type of economy can a traditional economy morph into under the influence of neighboring countries?

• Mixed economy

• Market economy

• Command economy

• Capitalist economy

What are the main activities taught to children in a traditional economy?

• Financial services

• Technology development

• Hunting, fishing, tool-making, and shelter-building

• Manufacturing skills

What is the main focus of a traditional economy?

• Social structure and cultural rituals

• Modern market trends

• Technological innovation

• Government control and regulation