Major features of primitive economy
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A primitive economy is characterized by barter and exchange based on social customs and physical conditions rather than regular markets. There is collective ownership of land and cooperation on enterprises, with economic values changing slowly over decades and priorities of stability, equality, and simplicity rather than competition or private property.
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Major features of primitive economy
- 1. MAJOR FEATURES OF PRIMITIVE ECONOMY
- 2. Economic relationships are based on barter and exchange.
- 3. Economic relationships are based on social customs, physical conditions and faith in ancestors.
- 4. Mutual cooperation and collective enterprises are characteristics of primitive economy.
- 5. There are no regular markets. Weekly moving markets are the bases of exchange. there is no monopoly and cut throat competition.
- 6. There is no institution of private property. All the land is collectively owned.
- 7. Economic values change in decades. Mostly, stability, equality and simplicity are the hall marks of primitive economy.
- 8. Thank you.