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Tags: economy
Categories: Economics & Finance
An agrarian economy based on production for consumption rather than exchange. Such economies are characterized by low levels of production, yielding a surplus capable of meeting little more than the basic necessities of life, and tend to be seen by development agencies as a major constituent of Third World poverty and a cause of underdevelopment.
(source: http://www.encyclopedia.com/doc/1O88-subsistenceeconomy.html)
