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A subsistence economy, is an economy in which the people barely meet their everyday needs. It is often seen as a major factor for poverty in developing nations. This is because the people of the society do not trade with other groups, this may be for a vary of reasons but a major one being their isolation. If the people of the society do not produce enough food, or not a variety the people will become sick and contract disease. This type of living is poverty.

The people also do not have everyday items that we take for granted, such as ipods, TV's, computers, fashionable clothes and shopping malls. This is because the people do not produce enough surplus to trade with, sometimes not even producing a surplus at all.

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โˆ™ 2010-08-15 05:01:52
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Q: What is the definition for subsistence economy?
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Related questions

Is Nigerian economy subsistence before 1900?

yes i believed th economy was subsistence yes i believed th economy was subsistence

Countries with subsistence economy what are the names of some subsistence economy countries?

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What is The opposite of a subsistence economy?

market economy

What are the disadvantages of a Subsistence Economy?

The disadvantages of a subsistence economy are quite a number. In most cases, the people in such an economy do not have the capacity to meet their basic needs.

What is an example of a subsistence economy?

A subsistence economy is an economy which is based on gathering or amassment of valuable items; the increase in wealth; or the creation of wealth. So, basically, an example would be Canada, the United States, etc. Almost the whole world is a subsistence economy.

What is the difference between a commercial economy and a subsistence economy?

Market economy exists near urban areas of population whereas subsistence economy is an economy where rural areas are hub of economic activities

What are the disadvantages of the subsistence economy?

subsistence economy is that food is not provided for its people they have to exchange it with fishing hooks and other things that are available in their community

What is the difference between commercial economy and subsistence economy?

A commercial economy is an economy that has enough food and supplies left over when used, but a subsistence economy is an economy that has enough food. They don't have he extra left over like a commercial economy.

An economy that makes only enough goods for itself?

subsistence economy

When the eskimos did not trade with other people what kind of economy did they have?

subsistence economy

What type of economic systems is also referred to as a subsistence economy?

Traditional Economy

What is the main source of income in a subsistence economy?


Which of these is most associated with a subsistence economy?

hunting and gathering

What are four different types of economic systems?

Market Economy, Peasant/Command Economy, Subsistence Economy, and Traditional Economy.

Which countries are using a subsistence economy?

Some of the countries that are still using a subsistence economy include Somalia and Burundi. A lot of what people produce is for their own use and not for sale.

An economy that produces just enough goods for itself is called?

subsistence economy-novanet answer!

What are the bases of production decisions in subsistence economy?

because of the scarcity

What are examples of the traditional economy?

subsistence framing, hunting and gathering

What are examples of traditional economy?

subsistence framing, hunting and gathering

What kind of economy does Chad have?

Chad's economy is mostly subsistence agriculture; it is one of the poorest countries in the world.

The economic dichotomy that occurs in countries where a modern commercial economy overlies a subsistence economy is called?


What was the economy of Maryland in the 1600's?

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What is the definition of underdeveloped economy?

definition of underdevlop economy

With which of the 4 world economic systems is subsistence farming?

traditional economy

How would sociologists describe an economy that generates very little surplus food and material property?

It is a subsistence economy