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Family-based Production vs. Subsistence Economy
While often overlapping, family-based production and subsistence economy are distinct concepts. 'Family-based production' defines an economic system by its primary social unit of production—the self-sufficient family that owns its capital. 'Subsistence economy' defines a system by its economic outcome—production is geared towards meeting basic survival needs with little to no surplus for trade. A family-based production system is typically a form of subsistence economy, but a subsistence economy is not necessarily family-based (e.g., it could be a small, non-familial tribe or community).
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The Economy 2.0 Microeconomics @ CORE Econ
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