Self Sufficient Economy means a country or person who was economically self-sufficient in terms of food, power, health, house, transportation, etc. The country that produces all of the above-mentioned things on their own without taking any outside help.
Table Of Content
What Is the Meaning of Self Sufficient Economy or Country Economically Sufficient?
The actual meaning of an self sufficient economy is any Country or a city which is able to produce its own goods and services with its own natural resources without taking any third party (country) help or support is said to be living a self sufficient economy.
What is the benefit of Self Sufficient Economy-Sustainable country?
Advantages Of A Self-Sufficient Country, For example:
- Importing things from other country cost us much. But If we produce the same thing on our own, cost will be reduced
- Producing everything on our own make us independent and economical also.
- During war or any other natural calamities, we will be able to protect our people because we were not depended on any other country for our need.
- If we live in an economically self sufficient country then our life will be much easier and safe. In Fact we will be able to help to build a better future for our future generation.
How can any country or person can become economically self sufficient?
income in country keep pace with city. Not impacted by other countries. Restrict importing goods by high taxes, quotas to limit what can come in, makes domestic goods more attractive to compete with outside market.
- By becoming self sufficient
- know what they actually need
- Go green as much as possible
- Teach the upcoming generation how to be self sufficient
- Have a go pro attitude;
- Keep investing in nature and nature will keep surprises.
- If we become self sufficient in all manner than we don’t have to depend on others and we will become economically sufficient.
What Are The Disadvantages Of Self-Sufficiency In Economic?
A self sufficient person is by nature is very tough, They don’t want to take help from anyone else. Because of this others people too start treating them differently.
- A person or country who follow self sufficient force to live with few thing
- People of this country sometime feel inferior from others
- This country are generally poor economically
Some Economically Self Sufficient Country To Look For:
Though there are many countries who were trying to be Economically Self Sufficient, but there are few who were actually implementing this method in a right way and get benefited.
America is a Rich country so we all can say that it’s economically self sufficient. America Import most of its product at cheap prices from some other country. Though If America wants it can produce everything in its own as it has vast resources.
Thailand is one of such country who is quite self sufficient in its own way thanks to its cheap labor advantage. They got cheap labor that helps this country to exploit its own natural and renewable resources to make itself economically self sufficient.
In conclusion, I would like to say that Any country can be economically self sufficient if they start depending on their own resources rather than someone else. People of these country should also realize the importance of this system and should contribute towards making their country economically self sufficient