BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
an economy directed to basic subsistence rather then to the market
|
|
|
type of economic system where investment, production and the allocation of capital goods take place
|
|
|
an economic system in which private individuals or businesses own capital goods
|
Detailed explanation-1: -A subsistence economy is an economy directed to basic subsistence (the provision of food, clothing, shelter) rather than to the market. Henceforth, “subsistence” is understood as supporting oneself at a minimum level.
Detailed explanation-2: -: an economy which is not based on money, in which buying and selling are absent or rudimentary though barter may occur, and which commonly provides a minimal standard of living compare subsistence farming.
Detailed explanation-3: -In a market economy, goods are made and sold to make a profit. In a subsistence economy, goods are produced to provide for oneself or one’s family.
Detailed explanation-4: -As previously mentioned, subsistence economies can be found in developing and underdeveloped countries. These are primarily located throughout Latin America, Africa, Asia, and small Pacific islands. Additionally, very few countries today can be considered solely subsistence in nature.
Detailed explanation-5: -In positioning this study, four types of subsistence economies are identified: nature-based, nonprofit-based, market-based, and hybrid. In addition, different types of subsistence markets are identified, namely, within community and cross community markets.