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Traditional economy by Mind Map: Traditional economy

1. The economies center around a family

2. There is little to no uncertainly

3. Life is generally stable, predictable and continious

4. Definition

5. Conclusion

6. Examples

6.1. America

6.2. Haiti

6.3. Indigenous tribes in the Arctic, North America, and eastern Russia

7. Disadvantages

7.1. Tend to discourage new ideas and new ways of doing things

7.2. lack of progress lowers standard of living

8. Traditional Mixed Economies

8.1. makes their farming, hunting or fishing more profitable.

9. Сharacteristic

9.1. The economy exists in a hunter-gatherer society

9.2. produce only what they need

9.3. Barter

9.4. Economies start to evolve once they start farming and settle down.

10. Advantages

10.1. Everyone knows what role to play