Amadeo         1              Traditional Economy

•  Three Characteristics  

1. Agriculture, fishing, hunting, gathering or some combination
2. Traditons
3.   Barter instead of money

Amadeo            1            Traditional Economy

•     Emerging Markets Or the Third World.
• Located: Africa, Asia, Latian America and the Middle East.
• Traditional economy evolve  a market, command or mixed economy.

Amadeo            1            Traditional Economy

 Characteristics of a Traditional Economy

• Most basic level hunter, gatherer and nomadic society.
•  Groups live families or tribes and cover wide area
• To find enought food to support them.
• Next level  they cultivate, and become farmers.
• Traditional economy center around a family or tribe
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Amadeo                      1               Traditional Economy

Amadeo                     2                Traditional Economy

• Nomadic compete with group for scarce natural resources.
• They all consume and produce pretty much the same things.
• Cases, metal coins would be heavy to carry and not really needed.
• Well they started farming and settled down
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Amadeo                  2          Traditional Economy

•  Traditional Economy in the modern world with market or command economies.
• Cash  takes on a more important role
• Framing, hunting and fishing more profitable
•  The elements of traditional: capitslism, socialism and communisn depending how its they set up.
•  They can have private ownership of fram land, its a characteristic of capitalism

Amadeo                  2             Traditional Economy 

• The theory of socialism or communism.
• The community where the land is owned
•  The chief received the choicest cut of meat or the best grains.
•  Children and elderly are fed
•  The communist dictate " to each according to his needs"
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Amadeo                2               Traditional Economy

       Traditional Economy Advantges

•   Traditional economies rely on custom and tradition
• Distribution resource
• Their role in production
• They are likely to receive
• Less destrustive to the enviroment and are sustainable
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Amadeo                 2              Traditional Economy

 Traditional Economy Disadvantages

• They very vulnerable to changes in nature
• It limit population growth
•  The harvest and hunting is very poor and people are starve
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Amadeo                  2              Traditional Economy

• They vulnerable to market or command economies that have superior resources to wage war
• To take away needed natural resources
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