Limitations of the Old Economy

The following are the limitations of the old economy:

Time Constraint and Time Consuming: Nobody would carry out business when the market was closed. Also, long hours were used in carrying out activities, because these were done manually.
Limited Space: The old economy depended on physical space such as market places and offices before business transaction could take place. Commodities, services and ideas cold not travel far. It covered a small area.
Distance: The old economy depended on physical contact and as a result business transaction would not take place if there was a distance barrier.
Labour-based: There was minimal use of technology in the old economy. Human efforts were invested, and it was hard to operate. Jobs that will require the clicking of a few buttons by an operator on a computer always took lots of people to be done in the old economy.
Tedious and Boring: The old economy is not interesting to use. In most cases it is only one-way, unlike the new economy in which you can use various methods and electronic gadgets to achieve your aim.

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Computer Studies – JSS3 (Upper Basic 9)