subsistence economy

A subsistence economy is a type of economic system where people primarily produce enough goods and services to meet their own needs, rather than for trade or profit. Individuals or families cultivate crops, raise animals, or gather resources using traditional methods. This system often relies on local resources and communal sharing, with little emphasis on cash or market transactions. Subsistence economies are commonly found in rural communities or developing regions, where the focus is on survival and self-sufficiency rather than accumulation of wealth or engaging in international trade.