Exploring Traditional Economy

What is a traditional economy?

• A traditional economy is characterized by a focus on global trade and investment.

• A traditional economy relies solely on advanced technology and industrial production.

• A traditional economy is an economic system based on customs and traditions, often involving subsistence agriculture and barter.

• A traditional economy is an economic system that prioritizes government control over all resources.

In a traditional economy, what is the main way people make a living?

• By subsistence farming, hunting, and gathering.

• By working in factories and manufacturing goods.

• By trading with other economies for resources.

• By providing services in a market economy.

What are some examples of goods produced in a traditional economy?

• factory-made electronics

• imported textiles

• mass-produced furniture

• handmade crafts, agricultural products, livestock

How do families in a traditional economy decide what to produce?

• Families decide based on government regulations.

• Families produce whatever is most profitable.

• Families in a traditional economy decide what to produce based on customs and community needs.

• Families choose based on global market trends.

What role does culture play in a traditional economy?

• Culture is irrelevant to resource distribution.

• Culture only affects modern economies.

• Culture has no impact on production methods.

• Culture plays a crucial role in defining production methods, resource distribution, and social roles in a traditional economy.

What is one advantage of a traditional economy?

• Stability and predictability in economic activities.

• High levels of innovation and entrepreneurship.

• Flexibility in adapting to market changes.

• Rapid economic growth and development.

What is one disadvantage of a traditional economy?

• Rapid technological advancement.

• High levels of economic equality.

• Strong government control over resources.

• Limited adaptability to change.

How does a traditional economy differ from a market economy?

• A traditional economy is based on technology and innovation, while a market economy is based on tradition.

• A traditional economy relies on customs and barter, while a market economy is driven by supply, demand, and profit.

• A traditional economy uses advanced financial systems, whereas a market economy uses barter exclusively.

• A traditional economy focuses on global trade, while a market economy is localized and community-driven.

Can you name a country that has a traditional economy?

• Japan

• Canada

• Germany

• Bhutan

What happens to traditional economies in modern times?

• Modern economies completely replace traditional economies.

• Traditional economies thrive without any changes.

• Traditional economies may decline or adapt as they integrate with modern economic systems.

• Traditional economies become the dominant global economic model.