Economics Traditional Economy Questions
In a traditional economy, the role of elders is crucial as they hold significant authority and wisdom. They serve as the decision-makers and advisors, guiding the community in matters related to resource allocation, production techniques, and distribution of goods and services. Elders also play a vital role in preserving cultural traditions, passing down knowledge and skills to younger generations, and maintaining social cohesion within the community. Their experience and expertise are highly respected and valued, shaping the economic activities and overall functioning of the traditional economy.