What are the advantages and disadvantages of traditional economies? Can you give an example from the Philippines?
Answer (1)
Advantages of Traditional EconomiesStabilityCommunity supportLow inequality. Disadvantages of Traditional EconomiesLack of innovationLow productivity,Vulnerability to disasters. In the Philippines, some indigenous groups like the Aeta live in traditional economies through sharing harvests and following customs. While these systems preserve culture and unity, they may struggle to keep up with modern needs like education and healthcare.
