TRADITIONAL ECONOMY

Overview

• Traditional economy is based on agriculture, fishing, hunting, gathering etc.
• Guided by traditions
• May use barter instead of money

ADVANTAGES

• Focused on manufacturing goods (good for the people)
• Harmony among people
• Everyone knows their role in production
• Sustainable (Less destructive to the environment)
• Life is generally stable, predictable, and continuous.

DISADVANTAGES

• Vulnerable to changes in nature- therefore limited population growth
• Lack of advanced goods, new technology, and growth
• Gender based roles
• No change or innovation
• Low standard of living

EXAMPLES

• Inuit of Northern Canada
• Mbuti African tribe
• Amish
• Malawi tribe
• Ivory coast tribe

LIFESTYLE

• Roles are based on gender, an average lifestyle would be hunting or gathering to porvide for yourself and the community.

THE END