Q:
What are examples of traditional economies?
A:
Quick Answer
The bartering of hunted prey used by the Inuit tribes in northern Canada is an example of a traditional economy. So too is the economy of the Sami reindeer herders in northern Scandinavia. Both rely on traditional subsistence techniques as the driving force behind their economic activity.
Continue Reading
Credit:
Bernard van Dierendonck / LOOK-foto
LOOK
Getty Images
Full Answer
A traditional economy relies on established custom to define their bartering protocols. They hunt or produce only what they can consume and what they need to trade for other necessities. There is no surplus. Societal advancement tends to be static. Traditional economies can only sustain small groups of people. Traditional economies can evolve into market or command economies.
Learn more about EconomicsRelated Questions
-
Q:
What is an example of market economy?
A: An example of the way a market economy works is how new technology is priced very high when it is first available for purchase, but the price goes down whe... Full Answer >Filed Under: -
Q:
What are some examples of ceteris paribus in economics?
A: One example of ceteris paribus in economics is when prices go up as demand exceeds supply, when all other factors are disqualified from the analysis, accor... Full Answer >Filed Under: -
Q:
What are some countries with traditional economies?
A: According to Econedlink.org, traditional economies are found in parts of the Middle East, Asia, Africa and South America. Traditional economies are found i... Full Answer >Filed Under: -
Q:
What are the advantages of a cashless society?
A: The main advantage of a cashless society is that a record of all economic transactions through electronic means makes it almost impossible to sustain black... Full Answer >Filed Under:
