Due to there being not so much information regarding the Beothuks, historians do believe that there were no more than 500-700 people. They lived in independent, self sufficient, extended family groups of about 30-50 people. Like many other hunting/gathering people, they presumably had land leaders but not formal chiefs.
In the way of food supply, the Beothuks were one of the wealthiest among other tribes, having plentiful supply of caribou, salmon, and seal, enough to last the entire winter time. This is because they moved with the seasons when hunting ( following seasonal migratory routes of animals)
With their plentiful supply of food also came plentiful supply of tools and clothing. They would use the hide of caribou to presumably make clothing for warmth during the winter. Later on, however, unlike the other tribes, the BEothuk would avoid the European settlers, and would refuse to participate in the fur trade.
Due to not having any surviving Beothuk members or records on Beothuk pre-European contact, very little is known about their traditional economy. Currently, the knowledge of the pre- European contact Beothuk society and practices are incomplete and is subject to change if new information emerges.
References
www.Heritage.nf.ca
http://en.wikipedia.org/wiki/Beothuk_people