1. People who live on take out food, restaraunt food, maybe some snacks and microwave frozen food at home. They shop all the time. When clothing gets a hole or loses a button, they throw it away and buy new. When things break, they throw away and get new. They have no skills, except to (somehow) earn money and spend it.
2. Self-sufficient household that weaves their own linen, wool and cotton after growing it, and shears their sheep, makes their ice from the pond in the winter and stores it in the ice house with sawdust, grows all their own food, makes their own shoes, etcetc; has their own forge to make their own metal tools, knows home dentistry, etc.
Surely you can use the sense that God gave you to figure out something in between those two!
I do everything in your point #1 because I no longer want to do everything in your point #2.
However, it TEOWAKI happens, point #2 is now the priority.