10. Strengths and weaknesses of the three basic types of economies

Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Customaria, a nation with a pure traditional economy (an economy molded largely by custom or religion).

Which of the following would you include in your report as weaknesses of Customaria's economy?Check all that apply.

The participants in the economy are slow to adopt new beneficial technologies due to previous customs.

Occupational choices can be restricted.

Wealth does not get redistributed to the needy.

Businesses may be reluctant to hire anyone outside the family because outsiders are less trusted, which limits business growth.