Peasant economics is an economic system that involves small-scale agricultural production and a subsistence-based lifestyle. While the term "peasant economics" is commonly used to describe this type of economic system, there are other terms that can be used to describe the same concept. For example, terms such as subsistence economy, traditional economy, and agrarian economy can be used interchangeably with "peasant economics". These terms are often used in academic literature and research to describe economic systems that rely on self-sufficiency and limited market exchange, where local communities produce goods for their own consumption rather than for sale on a larger market.