553 B
553 B
Subsistence
Definition
The basic necessities of life required for survival, which Smith argues are ultimately provided through the charity of well-disposed people for beggars, but for most people are obtained through treaty, barter, and purchase.
Source Chapter
Book I, Chapter 2
Context
Smith uses the example of beggars to illustrate that even those who depend on charity ultimately rely on exchange mechanisms for most of their needs, demonstrating the universal necessity of economic exchange.
Economic Domain
Consumption