ECONOMIC INDEPENDENCE Meaning and
Definition
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Economic independence refers to a condition where individuals, households, or nations possess the ability to sustain and support their financial needs without relying on external assistance or resources. It is a state of self-reliance in terms of monetary matters, where an entity has the capacity to generate income, accumulate wealth, and manage their own financial affairs.
At the individual level, economic independence implies that a person has the resources and skills necessary to generate income through employment, entrepreneurship, or investment activities. It also means having financial stability, being free from debt, and having the ability to cover essential expenses, save for the future, and withstand financial shocks without relying on external support.
On a larger scale, economic independence can be applied to households or nations, indicating their ability to generate revenue, maintain a balanced budget, and sustain a standard of living without external assistance. It often involves having a diversified economy, a stable currency, high employment rates, and a strong foundation for economic growth and development.
Achieving economic independence is considered a vital objective for individuals, households, and nations, as it leads to increased autonomy, control over financial decisions, and reduced vulnerability to economic downturns. It fosters greater economic and social empowerment, allowing entities to establish their own economic identity and pursue sustainable development in line with their goals and aspirations.
Common Misspellings for ECONOMIC INDEPENDENCE
- wconomic independence
- sconomic independence
- dconomic independence
- rconomic independence
- 4conomic independence
- 3conomic independence
- exonomic independence
- evonomic independence
- efonomic independence
- edonomic independence
- ecinomic independence
- ecknomic independence
- eclnomic independence
- ecpnomic independence
- ec0nomic independence
- ec9nomic independence
- ecobomic independence
- ecomomic independence
- ecojomic independence
- ecohomic independence
Etymology of ECONOMIC INDEPENDENCE
The word "economic" is derived from the Greek word "oikonomia", which means "management of a household" or "administration of a household". It is a combination of "oikos" meaning "house" and "nomos" meaning "law" or "custom". Over time, the term evolved to refer to the study of the production, distribution, and consumption of goods and services.
The word "independence" is derived from the Latin word "independentia", which is a combination of the prefix "in-" meaning "not" and "dependere" meaning "to hang from" or "to rely on". It refers to the state of being self-reliant or not being controlled or influenced by others.
When combined, "economic independence" refers to a state in which an individual, a group, or a nation is self-sufficient and not dependent on external entities for financial or economic resources.
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