How Traditional Economies Work

Miacademy & MiaPrep Learning Channel

This engaging educational video introduces students to the concept of a Traditional Economy using a fictional election scenario involving a candidate named "Tom Tratticon." Through a conversation between a host and an animated robot named Mia, the video breaks down how traditional economies answer the three basic economic questions based on custom, habit, and ritual. It contrasts modern market-driven approaches with subsistence-based living, where production is focused on survival rather than profit. The video explores key characteristics of traditional economies, including the lack of entrepreneurship, the reliance on ancestral methods (like horse-drawn plows), and the focus on community needs over individual wants. It highlights real-world examples of traditional practices that survive in the modern world, such as artisanal cheese making, weaving, and instrument crafting, explaining why some communities fight to preserve these methods for cultural heritage or quality reasons. Finally, the video presents a balanced view of the pros and cons of this economic system. It discusses the security of knowing one's social role and having needs met by the community, weighed against the lack of economic freedom, innovation, and personal choice. This resource is excellent for Economics and Social Studies classrooms to help students understand diverse economic systems and the tension between tradition and modernization.