A closed household economy is a society's economic system

Economic system

An economic system is the combination of the various agencies, entities that provide the economic structure that defines the social community. These agencies are joined by lines of trade and exchange along which goods, money etc. are continuously flowing. An example of such a system for a closed...

 in which goods are not traded. Instead, those goods are produced and consumed by the same households. In other words, a closed household economy is an economy where households are closed to trading

Trade

Trade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and...

. This kind of economy is present, for example, in hunter-gatherer

Hunter-gatherer

A hunter-gatherer or forage society is one in which most or all food is obtained from wild plants and animals, in contrast to agricultural societies which rely mainly on domesticated species. Hunting and gathering was the ancestral subsistence mode of Homo, and all modern humans were...

 societies.

The production and consumption of goods is not separated as in a society with high division of labor.

The closed household economy contrasts with a barter economy, in which goods are bartered (traded against each other), and a monetary economy, in which goods are traded for money.

The closed household economy and the barter economy are together referred to as non-monetary economies.