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Traditional Economy Advantages & Disadvantages

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Traditional Economy Advantages & Disadvantages

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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?

Basic economic questions are already answered by traditions and customs Signup and view all the answers

What is an advantage of life in a traditional economy?

Life is generally stable, predictable, and continuous Signup and view all the answers

What is a disadvantage of traditional economies regarding change?

This type of society is often very slow to change Signup and view all the answers

What technological disadvantage do traditional economies face?

It does not take advantage of technological change Signup and view all the answers

What is a disadvantage related to intellectual progress in traditional economies?

There is relatively little promotion of intellectual and scientific development Signup and view all the answers

What is an efficiency-related disadvantage in traditional economies?

There is inefficient provision of goods and services Signup and view all the answers

What is a disadvantage regarding skill usage in traditional economies?

There is inadequate use of skill in relation to the factors of production Signup and view all the answers

What is a disadvantage related to labor movement in traditional economies?

No upward movement of labor takes place Signup and view all the answers

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!