An economic system in which the producer and the consumer are the same is referred to as a
Question 1 Report
An economic system in which the producer and the consumer are the same is referred to as a
Answer Details
An economic system in which the producer and the consumer are the same is referred to as a subsistence economy. In this type of economy, people produce goods and services for their own consumption without the involvement of a market or money exchange. This type of economy is common in rural areas and is often associated with farming, hunting, and fishing. The primary goal of a subsistence economy is to meet the basic needs of the community rather than to generate profit.
Download The App On Google Playstore
Everything you need to excel in your exams
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning