Traditional Economics Systems: Traditional And Traditional Economic Systems

TRADITIONAL ECONOMICS SYSTEMS

According to Philip Mohr (2008.26).A traditional economic is the first economic system. By tradition we mean that the same goods are manufacture and hand out in the same way by each sequential generation. In traditional system every participants assign and method of manufacturing are prescribed by customs. People practise what their parents did. People apply the same techniques of manufacturing as their parents did and manufacturing is spread according to long-established tradition.

A traditional economic systems supply clear and easy respond to the three central questions. It also tend to be subsistence economics. They therefore tend to be distinguished by economic stagnation.

Traditional economy is determine by bartering and exchanging. Small surplus is manufactured, and if whatever excess goods are made, are typically granted to a ruling authority. A pure traditional economy has no replacement on how it is done.

SUBSISTANCE

People living under trading economy system tend to manage their activities towards meeting some of the basic needs of their own as well as their families, instead of creating a surplus and begin to exchange it for unneeded consumer products, and it was termed subsistence economy. Although we tend to imagine of subsistence as the state of barely coming out a living, act of meeting basic needs as the sufficient resources to begin collecting merchandising for them self’s.

ENEMPLOYMT

Many people living under traditional economies and those who work there do not have some jobs per, but instead of doing whatever work ...

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...could be debated that the African National Congress ‘s strategy is to build a “ mixed economy pointed toward socialism”. But the present mixed economy is not simple pointed toward capitalism. It is pointed toward the special South Africa form of capitalism which is based on apartheid, and the African National Congress’s aim is to build a mixed economy which turns over the economic basis and the cause of apartheid. That intend will involve economic restructuring on a scale corresponding to the post war restructuring of Europe.

The South African’s future economy cannot be considered from the point of its interior causes and dynamics alone , for South African cannot get away the act upon of the world economy or its place in the Southern Africa region. On the other hand the new economic system has to be resilient sufficient to adjust to changes in world markets.