Types of Economies: Traditional Economies

       This week we discussed and learned about the different types of economies: Traditional, Command and Market. We talked about the advantages and disadvantages of these economies and how people are affected by them.  We were introduced to Karl Marx and Adam Smith and were assigned a project in which we had to write a dialogue pretending we were these men. This involved lots of research and time spent learning about these two brilliant men. When we discussed Traditional economies we learned that they are centered around tribes, clans and families. Their ultimate goal is survival and most of their decisions and actions have been handed down from generations before them. Normally, the good of the group takes precedent over any individual. There is no one person in charge. Everyone has a set role or job in the society. There really isn't any changing around jobs, since as stated before the good of the group is the top priority. 
        I personally like the idea of a traditional economy, but I don't think it would completely work for everyone. I like how the good of the group is more important than one person's individual desires. I also like the thought that what they do has been done before in the past. However, there a couple flaws to this economy. First is that there is still a chance that one person or a small group within a clan could take over. Second, if people have to keep the same job they may be stuck doing something they aren't good at or enjoy doing. Third, nothing changes in a traditional economy. They are less productive, because they do the same things without trying anything new. This typically causes a lower standard of living. This topic may relate to other topics covered in this class, because we will probably discuss how they spend money and make the decisions in the economy. We may also talk about supply and demand and the role of labor in this economy. This may relate to current events in the news as they may report on the problems relating to traditional economies in the world today and how they may want to fix them.