Advantages Of Traditional Economy

Introduction Paragraph

Did you know that traditional economies are passed down from generations to generations? Just in case you didn’t know this but they are also found in third world countries and there are many people who use the traditional economy for everyday life. Farmers use this for everyday life to grow crops that they need to support their families. In a traditional economy there maybe a family or tribe that the people gather around or live with. Most of the people that live in the economy are in severe poverty because resources are limited like tools they need to farm or get food and then they can’t trade with other people to get money for the food they have sold to these people. Profit is also important because these people

To begin traditional economies are the best type of economy because people cooperate with each other. These people pretty much live together and travel together so it is important that they are all on an agreement so work will get done and food is produced to survive. Everyone in the family or tribe is created equal meaning each person has the same amount of money and resources that are used are produced by everyone’s hard work. Equality is huge in this way because these people do as they need to earn something good in response and when this is achieved they all are happy because the hard work they done payed off. Little or no competition is key to a great success because these groups and others grow mainly the same crops so there is no need for competition. When fertile land is found to grow the right crops they become more of a farmer and use less resources to build settlements, and trade with other groups. This will transition me in to my next paragraph about roles in the

A major advantage is that the economy is small and people know everybody and how to do their task they are responsible for. The system is direct because it is stated traditional economies meaning original or passed down so everyone knows how it works. Everybody wants a system that they know how to work with because if you don’t then it will be hard to understand the purpose of it. This system that is portrayed is simple enough because you hunt and gather food for the tribe and move when seasons change to try and find fertile land to start fresh and grow crops that are