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WAEC Commerce 1993 Question 7

Question 7

Production

A system in which people provide their own needs directly is known as

  1. A.sub-standard economy
  2. B.subsistence economy
  3. C.mixed economy
  4. D.monetized economy
  5. E.specialized economy
Show the answer and explanation

Answer: B (subsistence economy)

Explanation

In subsistence production people produce only what they themselves need, with little or nothing left to sell.