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What would your future be like if you lived in a traditional economy?
Wiki User
∙ 12y ago
India and it's Caste System.
You are born into a certain realm of career choices and a distinct class and lifestyle. Traditional economies exist also (at the most fundemental level) in rural areas dependant upon subsistence farming and the community. Examples of this would be rural Brazil, if your father was a farmer, you are a farmer, if your father raised cattle, you raise cattle. On the other hand, if your father was "mayor" (or the equivalent), hey, you're mayor.
Wiki User
∙ 16y ago
Wiki User
∙ 9y agoAn underdeveloped traditional economy in which communities use primitive tools and methods to harvest and hunt for food, often resulting in little economic growth Traditional economies are often found in rural regions with high levels of subsistence farming. Countries that evolve their economies past the traditional level often develop into market economies or command economies.
Wiki User
∙ 12y agoA free-market or command economy? I believe free is the one you are talking about and the government would not control your economic actions.
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Does Peru use free market economy command economy or mixed economy?
It would be Traditional economy because command economy would sort of be like Cuba and mixed economy would be like us (The United States).
If the US government took over the auto and steel industries how would this affect our economy?
our mixed economy would become less of a command and more of a traditional economy.
Globalisation and future of Indian economy?
Fair globalisation would create opportunities for ALL &also ensure that the benefits of globalisation would be shared better.
Which of these books outlined how the American economy would be managed by big business big labor and government in the future?
American Capitalism (A+ answer)
Is there more freedom of new ideas in traditional economy?
NOT REALLY. You could make the argument that because there is no question of capital allocations that there is a higher degree of personal liberties a traditional economy and, therefore, more freedom to propose or consider new ideas. However, the ambit of those ideas (e.g. their variety and distinctiveness) is markedly limited because of the lack of diversity and variety in a person's environment if they are living in a traditional economy. As a result, the actual ambit of the ideas is much less than even a repressed person in an authoritarian-led modern economy. Additionally, the lack of capital and credit in a traditional economy means that prototypes conceived can often not be built or tested, meaning that the invention often would die as soon as the inventor forgets about it.
Does Peru use free market economy command economy or mixed economy?
It would be Traditional economy because command economy would sort of be like Cuba and mixed economy would be like us (The United States).
Who will buy goods in traditional economies private consumers or industry?
i would say a private consumer because the traditional economy would no longer be traditional if it was to be controlled by an industry.
If the US government took over the auto and steel industries how would this affect our economy?
our mixed economy would become less of a command and more of a traditional economy.
What is trditional econimes?
A traditional economy is an economy based on the people's traditions. For example, if my dad was a blacksmith, I would be one too.
What are the type of economics?
There are command economies, which you would find in a dictatorship or true monarchy, free economies, which you would find in Democracies or Republics, there is the mixed economy, Which is what we have, and finally there is the traditional economy which describes tribal and agricultural economies.
Globalisation and future of Indian economy?
Fair globalisation would create opportunities for ALL &also ensure that the benefits of globalisation would be shared better.
Which of these books outlined how the American economy would be managed by big business big labor and government in the future?
American Capitalism (A+ answer)
Is there more freedom of new ideas in traditional economy?
NOT REALLY. You could make the argument that because there is no question of capital allocations that there is a higher degree of personal liberties a traditional economy and, therefore, more freedom to propose or consider new ideas. However, the ambit of those ideas (e.g. their variety and distinctiveness) is markedly limited because of the lack of diversity and variety in a person's environment if they are living in a traditional economy. As a result, the actual ambit of the ideas is much less than even a repressed person in an authoritarian-led modern economy. Additionally, the lack of capital and credit in a traditional economy means that prototypes conceived can often not be built or tested, meaning that the invention often would die as soon as the inventor forgets about it.
Why did some Ghana's kings continue to practice aspects of their traditional religion after the arrival of Islam?
One of the traditions was that the king would be an descendant from someone who settled Ghana. If the king/future king decided not to follow the traditional beliefs, he would lose his claime to the throne.
Why did some of Ghanas kings continue to practice aspect of their traditional religion after the arrival of Islam?
One of the traditions was that the king would be an descendant from someone who settled Ghana. If the king/future king decided not to follow the traditional beliefs, he would lose his claime to the throne.
Why did some of Ghana king continue to practice aspects of their traditional religion after the arrival of Islam?
One of the traditions was that the king would be an descendant from someone who settled Ghana. If the king/future king decided not to follow the traditional beliefs, he would lose his claime to the throne.
Why did some of Ghana's kings continue to practice aspects to their traditional religion after the arrival of Islam?
One of the traditions was that the king would be an descendant from someone who settled Ghana. If the king/future king decided not to follow the traditional beliefs, he would lose his claime to the throne.
