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  1. You can only produce enough to survive
  2. you cannot trade/ sell things
  3. cant satisfy your wants
  4. Hard life
  5. No specializing in jobs (you cant pick your job)
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What do people in a subsistence economy receive in exchange for their labor?

In a subsistence economy, people typically receive basic goods and services in exchange for their labor, primarily to meet their immediate needs for survival. This can include food, shelter, clothing, and other essential resources produced within the community. The exchange is often direct and based on barter rather than monetary transactions, emphasizing self-sufficiency and communal support. As a result, individuals contribute to the economic well-being of their families and communities rather than participating in a broader market economy.


What type of economy do the bobo tribe people have?

The Bobo tribe, primarily found in Burkina Faso, practices a subsistence economy that revolves around agriculture and livestock rearing. They cultivate crops such as millet and sorghum and engage in small-scale trade within their communities. Additionally, they may participate in local markets, exchanging goods and services. This economy is closely tied to their cultural practices and communal living.


What is china's traditional economy?

China's traditional economy is primarily agrarian, characterized by subsistence farming and reliance on agriculture, handicrafts, and local trade. Historically, it operated within a system of Confucian values, emphasizing family, community, and social hierarchy. The economy was largely decentralized, with local markets and barter systems playing a significant role. Over the years, China has transitioned to a more market-oriented economy, but many traditional practices and cultural influences remain embedded in its economic activities.


What is the economy of a hunter-gatherer?

The economy of a hunter-gatherer society is primarily based on subsistence, relying on hunting, fishing, and foraging for food. Resources are shared within the community, fostering social bonds and cooperation. This economy is characterized by mobility, as groups move to follow seasonal food sources, and it typically lacks surplus production, which distinguishes it from agricultural or industrial economies. Trade may occur with neighboring groups, but the focus remains on immediate survival and resource use.


Is development of economy internal or external phenomenon?

development of an economy is an internal phenomenon as it comes from within.

Related Questions

What is substance economy?

If you happen to mean subsistence economies, then please find your answer here: "A subsistence economy is an economy in which a group attempts to produce no more output per period than they must consume in that period in order to survive, but do not attempt to accumulate wealth or to transfer productivity from one period to the next. In such a system, a concept of wealth may not exist, and there is a reliance on renewal and reproduction within the natural environment." Source: http://en.wikipedia.org/wiki/Subsistence_economy


Which of the following statements accurately describes the term oxidation?

The negative effects of carcinogens within the body


What do people in a subsistence economy receive in exchange for their labor?

In a subsistence economy, people typically receive basic goods and services in exchange for their labor, primarily to meet their immediate needs for survival. This can include food, shelter, clothing, and other essential resources produced within the community. The exchange is often direct and based on barter rather than monetary transactions, emphasizing self-sufficiency and communal support. As a result, individuals contribute to the economic well-being of their families and communities rather than participating in a broader market economy.


What is Subsistence Incidence?

Subsistence incidence refers to the proportion of people living in poverty or who are unable to meet their basic needs for food, shelter, and clothing. It measures the prevalence of extreme poverty within a population.


What type of economy do the bobo tribe people have?

The Bobo tribe, primarily found in Burkina Faso, practices a subsistence economy that revolves around agriculture and livestock rearing. They cultivate crops such as millet and sorghum and engage in small-scale trade within their communities. Additionally, they may participate in local markets, exchanging goods and services. This economy is closely tied to their cultural practices and communal living.


What are subsistence patterns?

Subsistence patterns refer to the ways in which societies obtain food and resources to meet their basic needs. This includes hunting and gathering, pastoralism, horticulture, agriculture, and industrialism. The choice of subsistence pattern can have a significant impact on social organization and cultural practices within a society.


What are the positive and negative effects of the counter reformation?

Positive effects of the Counter-Reformation include the revitalization of the Catholic Church, spread of education through the establishment of new schools, and increased emphasis on missionary work. Negative effects may include increased religious intolerance, use of violence to suppress dissent, and the consolidation of power within the Catholic Church.


Can warmed milk be refrigerated again without any negative effects on its quality or safety?

Yes, warmed milk can be refrigerated again without any negative effects on its quality or safety as long as it is done within a safe time frame and the milk has not been left out at room temperature for too long.


What is china's traditional economy?

China's traditional economy is primarily agrarian, characterized by subsistence farming and reliance on agriculture, handicrafts, and local trade. Historically, it operated within a system of Confucian values, emphasizing family, community, and social hierarchy. The economy was largely decentralized, with local markets and barter systems playing a significant role. Over the years, China has transitioned to a more market-oriented economy, but many traditional practices and cultural influences remain embedded in its economic activities.


What negative effects is brought by the missionaries in the Igbo village?

Some negative effects of missionaries in Igbo villages in Nigeria include cultural imperialism, the disruption of traditional belief systems and social structures, and the loss of indigenous languages and customs. Missionaries can also contribute to conflicts within communities by challenging traditional authority and beliefs.


What is the economy of a hunter-gatherer?

The economy of a hunter-gatherer society is primarily based on subsistence, relying on hunting, fishing, and foraging for food. Resources are shared within the community, fostering social bonds and cooperation. This economy is characterized by mobility, as groups move to follow seasonal food sources, and it typically lacks surplus production, which distinguishes it from agricultural or industrial economies. Trade may occur with neighboring groups, but the focus remains on immediate survival and resource use.


How black money affect our Indian economy and its bad effects?

If all the black money from the Swiss Bank are transferred to India's national income then we could race U.S within a week.................