Features (characteristics) of subsistence production
- There is high degree of dependency on family labour in the production activities;
- There is use of simple (rudimentary) tools for example pangas, hand hoes etc. in the production process
- There is low labour productivity because of using poor production techniques.
- There is lack of specialization in production.
- Barter trade is the predominant system of exchange. That is exchange of commodities for commodities
- There is limited use of scientific production methods. For example, there is no application of fertilizers, mulching, etc.
- There is absence of profit motive. Individuals simply produce for basic survival.
- There is a high degree of conservatism. Production is greatly influenced by social attitudes and cultural beliefs.
- Land is the basic factor of production characterized by diminishing returns.
CATEGORIES Economics
TAGS Dr. Bbosa Science
