Questions and Answers
What is an advantage of a traditional economy related to societal roles?
Every member of the society knows exactly what they are to do
What is an advantage of a traditional economy regarding social structures?
There is a strong social network
What advantage do traditional economies have regarding societal roles?
Positions within the society are already established
What basic economic questions are addressed in traditional economies?
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What is an advantage of life in a traditional economy?
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What is a disadvantage of traditional economies regarding change?
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What technological disadvantage do traditional economies face?
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What is a disadvantage related to intellectual progress in traditional economies?
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What is an efficiency-related disadvantage in traditional economies?
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What is a disadvantage regarding skill usage in traditional economies?
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What is a disadvantage related to labor movement in traditional economies?
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Study Notes
Advantages of Traditional Economy
- Members have clear roles and responsibilities, ensuring efficiency and order.
- Strong social networks foster community support and cooperation among individuals.
- Established positions lead to a clear societal structure and stability in roles.
- Traditions and customs effectively answer fundamental economic questions, reducing uncertainty.
- Life in a traditional economy is characterized by stability, predictability, and continuity, contributing to social cohesion.
Disadvantages of Traditional Economy
- Societies are often resistant to change, hindering adaptation and growth.
- Limited incorporation of technological advancements, which can restrict productivity.
- Minimal emphasis on intellectual and scientific development, slowing innovation.
- Goods and services may be less efficiently provided, potentially leading to shortages or surpluses.
- Skills relating to production factors often remain underutilized, impacting economic potential.
- Lack of social mobility prevents individuals from advancing in their careers or livelihoods.
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Description
Explore the key advantages and disadvantages of a traditional economy through flashcards. This quiz covers various aspects, such as established roles, social networks, and how traditions guide economic decisions. Test your knowledge and understanding of this economic system!