Economics: Production, Wages, and Systemic Issues

Economic Transactions and Production Modes

Subsistence Production: This refers to making things primarily for one's own use, not for sale. An example is growing herbs in a backyard garden for personal consumption.
- It is explicitly not considered commodity production.
- In early agricultural societies, people would grow food for themselves and their community.
- Selling Excess: While the primary goal is personal use, any surplus or excess goods can be sold.
- Secondary Role of Selling: The act of selling this excess is secondary to the primary goal of self-provisioning. If no excess exists, the activity remains purely subsistence.
Capitalism: In contrast to subsistence production, capitalism is fundamentally about the selling of goods and services.