traditional
A Traditional Economic system is a system based on customs
that doesn't use currency but instead uses bartering and trading.
They mostly trade in simple goods such as livestock and things that are easily obtained in that area. The Resources are made for the community and those who received in the past are those who will continue to receive long into the future. The Advantages of a Traditional system is that all the roles in the community are already defined and it is simple and is not constantly developing. The disadvantages of traditional systems is that they discourage innovation and development they also don’t travel much outside of their area. An example of traditional systems today are some of the Aboriginal and Torres strait islander communities and the Inuit tribes in Northern Canada. They are great examples of this due to the fact they are the only traditional systems around in the 21st century. |