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.