Topic summary
Subsistence
Extracted from the Wikipedia article Subsistence economy.
Definition
"Subsistence" is understood as supporting oneself and one's family at a minimum level. Basic subsistence is the provision of food, clothing, and shelter. A subsistence economy is an economy directed to one's subsistence rather than to the market. Often, the subsistence economy is moneyless and relies on natural resources to provide for basic needs through hunting, gathering, and agriculture. In a subsistence economy, economic surplus is minimal and only used to trade for basic goods, and there is no industrialization. In hunting and gathering societies, resources are often, if not typically, underused.