Question

1. traditional economy - what are the two advantages of this economic system? what are the two disadvantages? give an example of where a traditional economy might still exist?

advantages
a.
b.
disadvantages
a.
b.
example:

Explanation:

Advantages: 1. Social cohesion - Strong community ties as economic activities are based on tradition and shared values. 2. Sustainability - Often uses local, renewable resources and traditional methods that can be sustainable in the long - term.
Disadvantages: 1. Limited innovation - Resistance to change and new ideas due to reliance on traditional methods. 2. Lack of economic growth - May not adapt well to global market demands, restricting economic expansion.
Example: Some indigenous communities in the Amazon rainforest still practice traditional economies, relying on hunting, fishing, and gathering, as well as traditional handicraft production.

Answer:

Advantages:
a. Social cohesion
b. Sustainability
Disadvantages:
a. Limited innovation
b. Lack of economic growth
EXAMPLE: Some indigenous communities in the Amazon rainforest