Which of the following is a problem for a traditional economy?

tts Icon

All of these
tts Icon

There is little growth.
tts Icon

Access to luxuries is minimal.
tts Icon

People only have what can be grown or made nearby.

1 answer

The correct answer is All of these.

Traditional economies often face multiple challenges, including:

  • Little growth due to the reliance on established practices and limited technological advancement.
  • Minimal access to luxuries since goods are typically produced locally and may not include non-essential items.
  • Limited availability of resources, as people only have what can be grown or made in their immediate environment.

All these factors contribute to the limitations and challenges faced by traditional economies.