Economic Independence
Definition
Economic independence means having enough income to meet your needs without financial assistance from others.
Analogy
Consider economic independence like being able to ride a bike without training wheels. You're able to balance yourself financially without needing support from anyone else.
Related terms
Financial Literacy: The ability to understand and use various financial skills, including personal financial management, budgeting, and investing.
Income: The money that an individual or business receives in exchange for providing a good or service or through investing capital.
Living Wage: A wage that is high enough to maintain a normal standard of living.
"Economic Independence" appears in:
Study guides (1)
Are you a college student?
Study guides for the entire semester
200k practice questions
Glossary of 50k key terms - memorize important vocab
Resources
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.