Traditional+Economy


 * TRADITIONAL ECONOMY**

what to produce? the country produces what it needs to survive

How to produce? they use the resources at their disposal

what needs and wants to satisfy? needs are basic foods and services, you only produce what they need.

additional characteristics: poor, rich in culture and religion. Pros: they don't need to rely on anyone but themselves Cons: sometimes they can't produce enough for themselves example: southern mexico, part of south america and parts of Africa