What are the disadvantages of a traditional economy?

Disadvantages of Traditional Economy. It is a vulnerable type of economy Traditional economy is more prone to vulnerability due to the continuous changes in the weather condition. This greatly affects the supply of the foods and services to the people. read more

The Disadvantages of a Traditional Economy. 1. It’s Difficult To Change One of the biggest drawbacks of a traditional economy is their capacity to grow and develop. Since people are simply trading for the things they need, they do not aspire to have more than that. read more

Traditional economy can be defined as an economy which is based on customs and beliefs which people get from generation to generation. In simple words it is the economic system in which resources are allocated by inheritance. Traditional economy has some advantages as well as disadvantages here are some of them. read more