Traditional Economy

Julie Imbasciani, Justin Carmosino, Elizabeth Marshall, Anthony

Santangelo

The Island’s Resources FishClamsCoconutsTreesCrabsSoilRain WaterBirds

SealsSnakesTurtlesDeer

Traditional Economic SystemThe traditional economic system is an

original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces, as well as the rules and manner of their distribution. 

Traditional economies are sometimes found in areas such as Africa, Asia and sections of South America.

Advantages and Disadvantages of the Traditional Economy

Advantages Disadvantages

Produces goods for peoples survival

Less destructive, friendly economy

Harmony among the people

It is a vulnerable type of economy

You may not be able to satisfy your wants in a traditional economy because it requires a very minimalistic state of mind.

3 Basic Economic QuestionsThe people control the production of

their own goods and services.The people are responsible for what

goods and services to produce, what needs to satisfy, how to satisfy them.

They only focus on producing their needs not their wants.