passwella.
Menu

JAMB Economics 2007 Question 3

Question 3

Economic Systems

An economic system in which the producer and the consumer are the same is referred to as a

  1. A.mixed economy
  2. B.subsistence economy
  3. C.capitalist economy
  4. D.socialist economy
Show the answer and explanation

Answer: B (subsistence economy)

Explanation

In a subsistence economy people produce mainly for their own use, so the producer is also the consumer.