Question

What is subsistence economy?

Answer 1

Subsistence economy is a type of economy where the whole system of economy is dependent on the self-work for the community.

The wealth of any person is based on the natural resources they have.

This system of economy is based on cultivation, hunting and building shelter from whatever is available in the community.

Answer 2

Often a subsistence economy participates in artisan fishing, labor-intensive agriculture, and grazing livestock. Each of these endeavors is performed with handmade, simple tools and traditional techniques. Another characteristic of subsistence economies is the lack of surplus.

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