Brief note on the features of a village economy


Economy signified the organisation and operation of economic activities in a region for the satisfaction of human wants. Economy could be of a village, of a district, of a country etc. When we study the activities of an economy, we mainly study the production, consumption and distribution of goods and services.

The economy of a village is a simple economy. Goods and services are produced for self consump­tion and not for market. The basic objective of the people living in a village is to satisfy the current needs. A school teacher, a farmer, a labourer are the examples of the residents of a village. Each indi­vidual uses his own resources to fulfill his needs. Virtually there is no specialization. Exchange of goods and services takes place to enable people to fulfil their needs. For example, a teacher with his income may buy goods and services he needs.

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