Traditional: Decision-Making
Economic decisions derived from customs & traditions.
Traditional: Ownership of resources
Private & common ownership. For instance, inheritance.
Traditional: Incentive System
Social acceptance & harmony.
Traditional: Means of Production
It's primitive & labor-intensive
Traditional: Means of Distribution
By customs & traditions such as barter
Traditional: Extent of Freedom
Some (restricted by customs & traditions)
Traditional: Most Important Consideration
The preservation of their culture.
Traditional: Price Mechanism
Depends upon how one values a resource or product.