However, we rarely let anything external influence us so we're at lost.
Dude it's practically all traditional and on customs dude.
So tell me, what's this Traditional economy system we have here?
We're a market economy so everything is supply and demand.
An example is U.S. companies setting prices and negotiating wages for workers.
If this country is so good then what economy are we under?
Us wearing the same clothes remind me of something but I forgot,
A command economy where is government controls whats being produced.
The average idea for a Traditional Economy is just traditions aligned to the economy. As was said above, one of the drawbacks is there hardly any external influences. However what's beneficial about it is that most of the time it's beneficial for the environment.
The idea of market economy is that the economy is mostly by the interactions of the people wants which is then followed by the productions off of those wants. Practically supply and demand. However there are some repercussions to this such as monopolies forming. The advantages is that the it encourages competitions which makes companies make profit based off what they're selling.
Command economy is the idea that the people will get product based off what the government wants. So the government controls the economy. The disadvantage to this is that there would be a lack of efficiency for production and lack of competition. The advantage are the low rates of