Question

Why have all countries moved away from a traditional economic system? What are the drawbacks to living in such a society?

Answer 1

all countries moved away from a traditional economic system

because

A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them. They use barter instead of money.

Everyone has different beliefs so eventually, peoples different beliefs could lead to conflict.

• A traditional economy is one which doesn't operate under a profit motive.

Instead, it emphasizes the trading and bartering of products and services that enable participants to subsist in a specific region, community and/or culture. Largely, traditional economies are a way of life in underdeveloped countries that rely more on old-fashioned economic models like farming or hunting than on newer-age modes like industry and technology.

-ur local skatergirl, Rin:)

Answer 2

A traditional economy is a society where economic decisions are guided by customs. It relies on hunting and fishing, and uses a barter system for trade.

Some drawbacks:

• It isolates the people within that economy.
• Large outside economies can overwhelm a traditional economy.
• It offers few choices.
• There may be a lower overall quality of life.
• It creates specific health risks.