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Traditional economic systems are economies based on dissemination of resources, products and goods based on rituals, routines and customs. Some nations have traditional economies, while traditional economies exist region... More »

www.reference.com World View Social Sciences Economics

Economies worldwide fall into one of four categories: traditional, market, command and mixed. Within these categories, however, there is a considerable amount of variation. The type of economy that a market falls into de... More »

www.reference.com World View Social Sciences Economics

Basic functions of an economic system are to produce and consume goods and services. The way in which people within the economy do this varies based on the type of economic system. More »

www.reference.com World View Social Sciences Economics
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Global economic meltdown is a state of economic crisis that simultaneously impacts the economies of multiple global powers. As of 2015, a number of commentators are questioning whether the world might be on the brink of ... More »

www.reference.com World View Social Sciences Economics

According to Econedlink.org, traditional economies are found in parts of the Middle East, Asia, Africa and South America. Traditional economies are found in developing countries; many of these countries rely on gathering... More »

www.reference.com World View Social Sciences Economics

Traditional economies mainly revolve around the customs, beliefs and traditions of the community. Such economies shape their goods and services to suit cultural practices, religious beliefs and family customs. More »

www.reference.com World View Social Sciences Economics

Some of the advantages of a traditional economy include a stable marketplace and the preservation of culture and customs, but limiting the power of individual choice and minimal societal progress are clear disadvantages.... More »

www.reference.com World View Social Sciences Economics