Traditional or subsistence economic system
Traditional or subsistence economic system
In this economic system, there is strong belief in customs and habit. Individuals are afraid to change their ways of doing things because of fear of witchcraft (superstition).
The basic economic problems are solved by reference to custom, habit or traditional practices.
This type of system though it is fast given way, it can still be found in some areas of African villages.
Characteristics or features of traditional economic system
- Free ownership of land
- Production is for subsistent purposes characterized by small farms, hunting, fishing etc.
- No division of labor
- Basic economic problems are solved to reference to tradition and custom.
Orang Judith Agbor
October 16, 2022
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