subsistence economy

A subsistence economy is one where buying and selling are minimal or absent, and it typically provides a basic standard of living. This type of economy is not based on money. Historically, many societies have operated on a subsistence basis, relying on hunting, gathering, or simple agriculture.123

Hunter-gatherer societies, for example, depend primarily on wild foods and have diverse strategies for survival, including hunting, fishing, and collecting plants. Subsistence farming, still practiced in parts of Africa, Asia, and Europe, involves small farms with low yields that consume most of their output, promoting self-sufficiency. These traditional economic systems are deeply integrated into the social fabric and often rely on tradition rather than market mechanisms for coordination.243