The correct option is 2 only
Explanation
Economic production in underdeveloped or developing regions, particularly within tribal and peasant societies, operates on principles distinct from modern market economies. These systems are defined by traditional social structures, subsistence orientation, and specific arrangements regarding the ownership and usage of factors of production (land and labor).
Statement-wise Analysis:
- Statement 1 is Incorrect: In many traditional tribal societies, the institution of private property regarding land is often absent. Land is typically viewed as a communal resource belonging to the tribe or clan as a whole. Access and usage rights are governed by customary laws and social membership rather than individual freehold ownership.
- Statement 2 is Correct: A fundamental characteristic of a peasant economy is the reliance on family labour. Peasant households primarily utilize their own family members to work the land. Wage labour is the dominant form of labour in capitalist or industrial economies, where labour is commodified and hired for a salary.
- Statement 3 is Incorrect: Production in peasant farming is primarily aimed at subsistence-meeting the consumption needs of the household. While peasants may sell a surplus in the market, the production is not solely for the market. Production driven exclusively by market demand is a feature of commercial or capitalist farming.
Key Takeaway:
Traditional and peasant economies are characterized by communal resource ownership, reliance on family labor, and subsistence-oriented production, distinguishing them from market economies which rely on private property, wage labor, and profit maximization.