Economics Chapter 2 Lesson 1 Economic Systems - Loudoun County Public ...

Chapter 2 Economics Systems and Decision Making

Lesson 1 Economic Systems

Economies Based on Tradition

Economies Based on Tradition

? In a traditional economy, resource use and social behavior are dictated by ritual, habit, or custom.

? Examples of traditional economies include the central African Mbuti, the Australian Aborigines, and the Inuit of Northern Canada.

Economies Based on Tradition

? The main advantage of a traditional economy is that the answers to WHAT, HOW, and FOR WHOM to produce are determined by customs and tradition.

? The main disadvantage of a traditional economy is that it tends to discourage new ideas and new ways of doing things.

Economies Based on Command

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