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Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of customaria, a nation with a pure traditional economy (an economy molded largely by custom or religion).

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Summarizing a traditional economy would be done by pointing out the strengths and weaknesses of said economy. In a traditional economy, everyone has a job and there is generally no over consumption or any surplus. On the other hand, a traditional economy generally has no new ideas, the people are poorer and any ideas of change is discouraged, all methods of production are generally less efficient and consumers aren't given any choices.
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To summarize the weakness and strength of a traditional economy is to the advantages and its advantages into consideration.

The customs, beliefs, and societies traditions formed the goods and services that are produced in a traditional economy. They determine the rules and regulation guiding the distribution of goods and services and how they are supplied. Traditional economy is an economy that is common among agricultural or rural societies.  In a traditional economy, the method use for production or conducting economic activities is primitive. Tradition and convention form the integral part of decision making in a traditional economy.  

Simply put, we can say traditional economy is one that is designed in line with the way the society lives. The goods and services produced are based on the people’s living conditions.  

However, there are certain characteristics of a traditional economy and this include

  • Traditional economies are centered on agriculture, hunting, fishing etc.
  • Instead of money, barter and trade is the means of transaction in traditional economies

Advantages of traditional economy

  • This type of economy keeps things simple
  • It is family or tribe based economy
  • It is focuses on community groups
  • It strengthens the idea of personal pride.

Disadvantages of Traditional economy

  • Traditional economy isolate individual within the economy.
  • People have few choices
  • Quality of life may be lower
  • It poses specific health risk.

LEARN MORE:

  • traditional economy and mixed market Economy https://brainly.com/question/12673765

KEYWORDS

  • goods and services
  • traditional economies
  • trade by barter

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