Traditional Economy

Traditional Economy Advantages

• Goods/Services are only produced during a demand for them, so this prevents overproduction.
• Encourages Inheritance

Traditional Economy Disadvantages

• Based on community and traditions so its hard to change the economy or adapt.
• They put less into the economy because they want to have an inheritance for their family.
• Low standard of living.

Examples of Traditional Economy

African Tribes

VIetnam

Pakistan

My Lifestyle?
I would only produce things needed for society, and would receive family inheritance as the oldest male member of my family if my father passed away. I would work hard for my family and it would be my main goal in life. I wouldn't have many choices of a career because it would be decided by the head of the family.