economic self-sufficiency

Economic self-sufficiency refers to the ability of an individual, household, or community to support itself financially without relying on external assistance or support systems. This means having enough income, resources, and skills to meet basic needs like food, housing, and healthcare. Self-sufficiency promotes independence and resilience, as people can manage their economic situations more effectively and withstand financial hardships. In broader contexts, it can also apply to regions or countries aiming to reduce dependence on imports and create local jobs and industries that bolster their economy.