Economics Traditional Economy Questions
In a traditional economy, individual freedom is often limited as economic decisions and activities are determined by customs, traditions, and social norms rather than individual choices. The roles and occupations of individuals are typically predetermined based on their birth or social status, leaving little room for personal preferences or mobility. Additionally, resources and wealth are often distributed based on communal needs rather than individual desires or efforts. Therefore, while traditional economies may promote social cohesion and stability, they can restrict individual freedom and autonomy in economic decision-making.