👉 In the context of economics, "subsistence" refers to a person's ability to meet their basic needs without dependence on external resources. It encompasses activities like farming, fishing, and gathering food from the environment. These activities are often necessary for survival and provide a basic existence for individuals. The term is closely related to poverty, as it represents the inability of individuals to earn sufficient income to cover their basic necessities and meet their social and economic needs. Therefore, subsistence is an important concept in understanding
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