In a(n) ________, the vast majority of people engage in simple agriculture and consume most of their output.
A) raw material economy
B) subsistence economy
C) industrializing economy
D) emerging economy
E) industrial economy

Question

Quizplus · Accepted Answer

A subsistence economy is based on self-sufficient agriculture where people grow enough food to feed themselves and their families. They consume most of what they produce, and there is limited or no surplus for trade or export. This type of economy is common in rural areas of developing countries where people rely on traditional farming techniques and have limited access to modern technology, transportation, and markets.

In A(n) ________, the Vast Majority of People Engage in Simple