what is a characteristic of a traditional economy?
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Characteristics of a Traditional Economy Traditional economies are often based on one or a few of agriculture, hunting, fishing, and gathering. Barter and trade is often used in place of money. There is rarely a surplus produced. In other words, most of the goods and services are fully used.
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['Features of Traditional Society:', 'The traditional society have the following main features:', '(i) Dominance of Agriculture:', '(ii) Dominance of Family and Caste System:', '(iii) Political Power:', '(iv) Techniques:', '(v) Law of Diminishing Returns:', '(vi) Unproductive Expenditure:']
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There are four types of economic systems; traditional, command, market, and mixed economies. A traditional economic system focuses exclusively on goods and services that are directly related to its beliefs and traditions. A command economic system is characterized by a dominant centralized power.
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['Indigenous in nature. ... ', 'No source of confirming the authenticity of folk art. ... ', 'Indicates and integrates the emotional behaviour of the practicing sector.', 'Represents the practicing sector of region, religion, family or group that can be.', 'Differentiated from the other.', 'Limited area of operation.']
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Difference between the knowledge economy and traditional economy are as follows: ... The economics is not of scarcity, but rather of abundance. Unlike most resources that deplete when used, information and knowledge can be shared, and actually grow through application.
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['The traditional society.', 'The preconditions for take-off.', 'The take-off.', 'The drive to maturity.', 'The age of high mass-consumption.']
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A main component of a traditional architecture style is the way in which the past building styles and present are merged together, creating a seamless transition. With traditional architecture, much deference is paid to the materials used in a building and how they function and work.
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Disadvantages of Traditional Economies While there are several advantages to a traditional economy, these economies are not without their disadvantages. Because these economies rely on hunting, fishing, gathering, and the land in the form of farming, when the weather changes, the economy becomes jeopardized.
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Now that we know that a traditional economy is built upon traditions, customs, and beliefs, let's look at some other factors that contribute to this type of economy. Traditional economies are often based on one or a few of agriculture, hunting, fishing, and gathering. Barter and trade is often used in place of money.
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['5 characteristics. Private property, Freedom of choice, Motivation of self intrest, competition, limited government.', 'Private Property. People own stuff, not the government.', 'Freedom of choice. ... ', 'Motivation of self intrest. ... ', 'Competition. ... ', 'Limited Government.']
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['Low per capita real income: Low per capita real income is one of the most defining characteristics of developing economies. ... ', 'High population growth rate/size: ... ', 'High rates of unemployment: ... ', 'Dependence on primary sector: ... ', 'Dependence on exports of primary commodities:']
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1. Traditional Arts (TA) provides a shared experience for the community. Values and belief systems are often embedded in these art forms and passed down through generations; as such, they form a common language through which we can engage the various communities that make up our society.
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A traditional economy is one where the production and distribution of goods is based on custom and cultural traditions. A command economy is one where the means of production are owned collectively, and decisions about what to produce and how goods are distributed are made by a centralized authority.
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Traditional education has four characteristics: 1) it is completely effective, i.e. the child learns all he/she needs to know to become a functioning adult; 2) although the education involves harsh trials and ordeals, every child who survives them is allowed to “graduate”; 3) the cost of education (e.g. paying masters ...
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Traditional trade is associated with a complex network of small retailers, dealers, stockists, wholesalers, distributors, open markets, corner stores, kiosks and street vendors. ... The main difference between traditional trade and modern trade is that, distribution in modern trade is more organized.
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In sociology, traditional society refers to a society characterized by an orientation to the past, not the future, with a predominant role for custom and habit. Such societies are marked by a lack of distinction between family and business, with the division of labor influenced primarily by age, gender, and status.
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The basic distinction is that characteristics are built-in and cannot be changed, and that behaviors are essentially a series of choices and can be changed. Traditional or subsistence societies operated under the assumption that little or nothing could be changed by force of will.