What do you mean by subsistence economy?
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A) Subsistence Economy Show
"How can you buy or sell the sky the warmth of the land? The idea is strange to us. Yet we do not own the freshness of the air or the sparkle of the water. How can you buy them from us? Every part of the Earth is sacred to my people. Every shining pine needle, every sandy shore, every mist in the dark woods, every clearing and humming insect is holy in the memory and experience of my people." Chief Seattle in response to an offer by President Franklin Peirce to purchase the Suwamish tribe's land in the state of Washington, 1855. Chief Seattle was a Native American and like some Native Americans today lived in a subsistence economy. In a subsistence economy, enough is grown, hunted and crafted to provide for the basic needs of the people. A surplus is only created if there is a need or a desire to trade with neighboring people. For instance, in the Southwest, the Navajo and Hopi people live very close to one another. The Navajos are a nomadic people who raise sheep to eat and to use in the production of clothing and rugs. The Hopi live in permanent settlements and grow corn, beans and squash. Each tribe produces a surplus so that they may trade: the mutton and textiles of the Navajo are exchanged for vegetables and legumes of the Hopi. The goal of life for the Navajo, as with most Native American peoples, is to become a well balanced person. It would not matter to a traditional Navajo if you had many times more sheep than he or she if you were arrogant, or cold-hearted or were not willing to sacrifice your ego for the chance to acquire wisdom. And because the Navajo are concerned for the welfare of future generations, they would think it foolish if you took more from the Earth than it could replenish. The LaKota people in South Dakota follow a "seven generations" principle. Decisions on resource use are based on ensuring there will be enough for the next seven generations. The success of the Navajo and LaKota cultures is measured by the health of the people and their ability to sustain themselves generation after generation. _____________________________________________________ Discussion Questions:Why does Chief Seattle consider it strange that the American government would want to buy the land on which the tribe is living? What is his view of this land? How do you think a person in the Navajo culture attains status? How does this compare to how someone in our society attains status? What is the relationship of the people with natural resources? Why do you think subsistence economies have historically been unable to cope well with being geographically displaced, e.g. being put on reservations far from their original homes? Subsistence economy A subsistence economy is an economy which refers simply to the gathering or amassment of objects of value; the increase in wealth; or the creation of wealth. Capital can be generally defined as
assets invested with the expectation that their value will increase, usually because there is the expectation of profit, rent, interest, royalties, capital gain or some other kind of return. However, this type of economy cannot usually become wealthy by virtue of the system, and instead requires further investments to stimulate economic growth. In other words, a subsistence economy only possesses enough goods to be used by a particular nation to maintain its existence and provides little to no
surplus for other investments. Therefore, this type of economy aims to create economic stability so that capital can be accumulated and the inevitable economic surplus can be invested in other potentially lucrative business ventures. A subsistence economy also has no money of any sort. How to pronounce subsistence economy?
How to say subsistence economy in sign language?Numerology
TranslationFind a translation for the subsistence economy definition in other languages:Select another language:
Word of the DayWould you like us to send you a FREE new word definition delivered to your inbox daily?CitationUse the citation below to add this definition to your bibliography:Are we missing a good definition for subsistence economy? Don't keep it to yourself...What is the meaning of subsistence system?A subsistence system is the set of practices used by members of a society to acquire food. If you are like me and you cannot say much about where your food comes from, then you are part of an agricultural society that separates food production from consumption, a recent development in the history of humans.
What type of economy is subsistence?Often, the subsistence economy is moneyless and relies on natural resources to provide for basic needs through hunting, gathering, and agriculture. In a subsistence economy, economic surplus is minimal and only used to trade for basic goods, and there is no industrialization.
What is another name for subsistence economy?Also known as a subsistence economy, a traditional economy is defined by bartering and trading. This example is from Wikipedia and may be reused under a CC BY-SA license. Even with the introduction of agriculture, hunting and fishing continued to be important parts of the subsistence economy.
What is the difference between a commercial economy and a subsistence economy?What is the difference between a subsistence economy and a market economy? A market economy is based on money while a subsistence economy is not. In a market economy, goods are made and sold to make a profit. In a subsistence economy, goods are produced to provide for oneself or one's family.
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