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Here is a sentence: Most people recognize the benefits of individuality, but the fact is that personal economic success requires conformity.

Does the word economic here mean economical or operating with little waste or at a saving?

Does the word conformity here mean cooperation?

thank u in advance Emotion: smile
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Not quite.

Economic merely means monetary success - having a good income.

Conformity here means to follow the rules, do what is usual.
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KolndomMost people recognize the benefits of individuality, but the fact is that personal economic success requires conformity.

But once you've made your money, you can afford to be eccentric.

MrP