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Traditional Economies Traditional economies refers to countries which have their economy based on the basic economic activities of hunting and gathering or farming.
A traditional economy is basically an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on indigenous technology and methods.
Examples: Two countries which would be examples of this would be many of the African countries which use agriculture as their main basis for growing food and for jobs, in addition some Asian countries, such as Bangladesh and Burma also rely on farming (agriculture) as their main way for both employment and for producing food for the family and the nation.
A couple of other African countries who would fit into this category would include Malawi and the Ivory Coast.
Of Africa's 50 or so countries well over half of them would still use traditional ways of gathering and producing food even now in the year 2010.
In Addition A traditional economy is one that, like the name suggests, stems from tradition. All the economic discussions are determined by habit and tradition. In this system, people know their place, if your family is a doctor, you will be too. There is little discrepancy about who will do what and how. Because of this however, new ideas or ways of doing things are scorned, thus there is little growth and the standard of living is lower.
Entrepreneurs are very rarely found in a traditional economy, Life becomes very stable and predictable. This type of economy is best shown in the Eskimos in Alaska and the Amish people.
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Does Jamaica have a traditional economy?
Jamaica has a traditional economy like most other countries, but relies heavily on tourism. Visitors from around the world come there throughout the year to spend money.
Are there any countries that had a traditional economy but now have a market economy?
Burkina Faso, Papua New Guinea, Bhutan
What 3 specific countries use a traditional economy?
bhutan yemen haiti
What type of economic system is found in many European countries?
The Type of Economic System that is found in many European countries is a Traditional economy
What countries have traditional market economy?
Burkina Faso, Papua New Guinea, Bhutan
What are the traditional economic countries?
Many third world countries or developing countries have a traditional economy.
Does Jamaica have a traditional economy?
Jamaica has a traditional economy like most other countries, but relies heavily on tourism. Visitors from around the world come there throughout the year to spend money.
Are there any countries that had a traditional economy but now have a market economy?
Burkina Faso, Papua New Guinea, Bhutan
What 3 specific countries use a traditional economy?
bhutan yemen haiti
What type of economic system is found in many European countries?
The Type of Economic System that is found in many European countries is a Traditional economy
What countries have traditional market economy?
Burkina Faso, Papua New Guinea, Bhutan
How does the government help out people who live in a traditional economy?
the government sells buys and trades things from other countries to make sure his the economy has the right supplies
What is the economic system in Kazakhstan?
Kazakhstan has a Traditional economy
Habit and custom determine economic activities in a?
Traditional Economy
What is a good word sentence using the word traditional economy?
china is not a traditional economy now. It has emerged as mix economy.
Does England have a traditional economy?
No, countries that use a traditional economy are usually primitive, rural and use a system of barter and trade. As the manufacturing industry continues to decline in England, Its service, finance, and tourist industries continue to show healthy growth.
What is an example of modern day traditional economic system?
There are no pure traditional economy in the World now. India is not a traditional economy. Many economies continue with traditional small scale/ cottage/ village industries limited by local markets as well as traditional small scale fragmented land farming, but most economies have modern industries and transport, growing urbanization. None of the countries can be strictly referred to as traditional economies. And, many of the countries are exporting and importing through cross border trade. Many are capitalist economies, often mixed economies. Some are relatively closed economies with communist or religious dictatorships. If you mean which countries have small scale traditional industries coexisting with modern industries, then most undeveloped and developing countries fall in this category. They include, beside India, Pakistan, Sri Lanka, Bangladesh, Nepal. Vietnam, Indonesia,. Myanmar, , Mauritius, several poor African countries. A traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools. It is strongly connected to subsistence farming. Most countries that have historically had a traditional economy have replaced it with a command economy, market economy, or mixed economy. However, it is still found today in underdeveloped, agricultural parts of South America, Asia, and Africa. A traditional economy is where people produce most of what they need to survive. Hunting and gathering, farming, and herding cattle are the bases of traditional economy. People hunt for the food they eat or raise it themselves. Often they make their own clothing and tools. If they produce more food than they need, they trade the surplus, or extra food, for goods made by others.
