What is a Traditional System
A traditional economy is based around traditions, customs and things that have been handed down through generations. There are a few advantages in a traditional economy- roles for everyone are defined and the economy uses the system bartering instead of money. Bartering is exchanging products for products. There are a lot more disadvantages about a traditional economy- the society doesn't use much technology, that is a problem because technology is the biggest thing in the world so they are going to be stuck later in the future, also there is the problem of setting prices, for example how do you know what is worth the same amount as a chicken. There are a couple of examples of traditional economy's around the world now, such as the Canadian and Alaskan Eskimos as well as some tribes in the amazon jungle and there are a couple of aboriginal and Torres strait islander tribes that still operate as a traditional economy because they still follow there beliefs and customs that have been passed through generations to now and they keep doing what has been done in the past. So there way of living is a very good example of a traditional system.