ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An agrarian economy is an economy where a majority portion of the income of individuals is made from agriculture. India has a significant agricultural sector and could be considered agrarian.

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: -subsistence farming, form of farming in which nearly all of the crops or livestock raised are used to maintain the farmer and the farmer’s family, leaving little, if any, surplus for sale or trade. Preindustrial agricultural peoples throughout the world have traditionally practiced subsistence farming.