Traditional Economy
A traditional economy is an economic system in which traditions, customs and beliefs shape the goods and products the society creates. Say for example you caught a stag and you get 40 kilos of meat from the stag and there are five families in your economy, so you would give each family roughly 8 kilos of meat. This is how they share the catch however any berries that are collected or gathered aren't shared evenly, instead the family that gathers the berries gets the berries. They survive by simply hunting and gathering sufficient supplies. A good example of a traditional economy is the Inuit People of Canada. These communities get by living off the land. They do this by collected berries and fruits growing in the area or from the crops that they planted. They also hunt animals in the surrounding area to gain meat supplies for their people. They share the catch evenly among the tribe or community with the main hunter getting the most meat or the best meat depending on the size of the animal they hunted. Thus meaning that a traditional economy is a very sustainable one.
A traditional economy is an economic system in which traditions, customs and beliefs shape the goods and products the society creates. Say for example you caught a stag and you get 40 kilos of meat from the stag and there are five families in your economy, so you would give each family roughly 8 kilos of meat. This is how they share the catch however any berries that are collected or gathered aren't shared evenly, instead the family that gathers the berries gets the berries. They survive by simply hunting and gathering sufficient supplies. A good example of a traditional economy is the Inuit People of Canada. These communities get by living off the land. They do this by collected berries and fruits growing in the area or from the crops that they planted. They also hunt animals in the surrounding area to gain meat supplies for their people. They share the catch evenly among the tribe or community with the main hunter getting the most meat or the best meat depending on the size of the animal they hunted. Thus meaning that a traditional economy is a very sustainable one.
How Much, For Whom and What to Produce?
A traditional economy produces a very small amount of resources found in their local area and only produces for their communities or for their families depending on their traditions. As I said earlier the traditional economies of the world produce very little. They produce a small but sustainable and sustaining amount for their community. A traditional economy is sometimes known as a subsistence economy because they only produce enough to survive. The word subsistence means the action or fact of maintaining or supporting oneself, especially at a minimal level. As was said earlier these types of economies produces a minimal amount on which they can survive, they produce goods for all the people in their community or village and they produce very basic goods such as meats, plants and small animals such as grubs and beetles. This is how these economies support themselves and are able to sustain themselves.
A traditional economy produces a very small amount of resources found in their local area and only produces for their communities or for their families depending on their traditions. As I said earlier the traditional economies of the world produce very little. They produce a small but sustainable and sustaining amount for their community. A traditional economy is sometimes known as a subsistence economy because they only produce enough to survive. The word subsistence means the action or fact of maintaining or supporting oneself, especially at a minimal level. As was said earlier these types of economies produces a minimal amount on which they can survive, they produce goods for all the people in their community or village and they produce very basic goods such as meats, plants and small animals such as grubs and beetles. This is how these economies support themselves and are able to sustain themselves.