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This GIF shows that the traditional economy is good without a big government

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Government is not at all involved it all depends on the people

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Child/Adult Labor and children usually follow in their parents footsteps on types of jobs they get

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hunting, gathering, farming, fishing, etc.

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They don't really believe or depend on money or profit and they don't worry

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Africa, Asia, Latin America, the Middle East, and other mini areas

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Many countries follow Traditional Economy

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Customs learned from family, traditional ways, historic ways
Dwight has learned from his family how to live a life in a farm

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Family or Tribe lifestyle

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No competition = no innovation = no motivation = lack of efficiency

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Con's

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Pro's

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Barley anyone has no job, benefits from things without having to worry about money or any losses, etc

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wants everyone to have healthcare, a house, food on the table, education, and a good lifestyle basically

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Government's Goals

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Government is not worried about making money

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also owns almost everything

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Controls what is make, what can be sold, and where and how it can be sold

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Government controls everything

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Cost lowered, more products, "best products for lower prices"

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Try to make better profit, more money, bigger business by competing with others

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Clothes, Food, Shoes, etc.

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Makes sure everything in the market is sold fairly to all

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Government participates

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If the object is selling well then their cost will increase. (priced higher)

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Amount an object costs is based on how well that object is selling

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If the object isn't selling well then they will either sell it for a lower price (price reduction or sale) stop selling it

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Consumers and Producers