If we say that the economy of the Central African Republic is a subsistence economy, what would that mean?

Answers

A subsistence economy is an economic system where people produce enough only for their own needs, without any organized trade or production of surplus goods. This means that people do not farm with the intent to produce excess goods to be sold on the market. Instead, they mainly produce food and goods to meet the basic needs of their family and immediate community. The subsistence economy of the Central African Republic would therefore be characterized by a highly localized production and distribution of goods and services, and minimal trade with outside countries.

Answered by Elizabeth

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