Amadeo     1     Three Characteristics

• It is based on agriculture, fishing, hunting, gathering or some combination of the above
• It is guided by traditions.
• It may use barter instead of money

Amadeo     1     Characteristics

• The groups live in families or tribes to find enough food to support them.
• Traditional economic decisions are based on the traditons within the tribe or family.
• Most traditonal economies work through emerging markets.

Amadeo     2     Economy Characteristics

• When they interct with command or market economies, money takes an important role
• Traditional have elements of capitalism, socialism, and communism
• If they allow private ownership of farmland, its considered as capitalism

Amadeo     2    Economy Advantages & Disadvantages

• Advantages of traditonal revolves mostly around custom and tradition with non-existant in the market and mixed economies
• Disadvantages of traditional is that they can not enjoy things that other economies take for granted.

Amadeo     2     Advantages of Traditional

• They seem to be less castrophic to the environment, and are most likely to be sustainable.
• The production of goods for the survival of people.

Amadeo     1     Characteristics

• Highly developed economy that is rich in culture, beliefs, and traditions.
• All resources are effectively based on inheritance.

Amadeo     2     Disadvantages

• Very vulnerable type of economy that is due to the weather changes.
• Since the economy is based on traditions, its sought to change unexpectedly.
• People being asked to do things they didn't want , or that wasnt part of their tradition 

Amadeo     4     Disadvantages

• Lower production of traditional things meant that standard of living was goin down.
• People had to do what they where told in order to achieve.

Why should someone want a Traditional Economy?

• It is the most orginal type of economy.
• A pure tradtional economy has no changes.
• They are based upon trading, having fair deals, etc.

Examples of Traditional Economy:

• Native Americans when they relied on hunting and fishing.
• Right before the Great Depression when farming was a great sensation.
• After WW1 when the world went in drought.