Characteristics Of Agrarian Economy

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An agrarian economy is one which relies primarily on farming and farm based industries like livestock. Though these types of economies still exist today, but they were most prevalent after the discovery of farming techniques. These societies succeeded the migratory cultures and hunter/gatherer societies. These societies were much stable in nature unless there was any intervention from the weather and climate. A farming economy was be highly balanced. The 16th century saw the world’s most fruitful inventions and discoveries. Some of these were the invention and the application of the wheel, plough, wind power, writing and numerical notations. Further, these innovations transformed the conditions of life for human beings. With these new inventions, societies expanded, increased their material wealth and developed social organizations far more complex than before. Until then, people consumed whatever they found; they could not decide what food they wanted. With advancements in farming, people learnt how to control things and use it efficiently. People no longer moved about and they began to reside in fixed places. With this, also started a very primitive form of division of labour, where people began to specialize in the production of a particular commodity or crop and exchanging them through the barter system. Alternatively in some parts of the world, the currency system was also used in trade. The most notable consequence of this type of economy was that greater economic
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