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economy
[ih-kon-uh-mee]
noun
plural
economiesthe complex of activities related to the consumption, production, and trade of goods and services, as an ongoing functioning system.
Further inflation would seriously endanger the national economy.
Usually the economy the general state of these activities at a particular time and in a certain country, region, etc..
The economy is booming, blue-collar wages are up, and unemployment is the lowest it's been in decades.
We have had a number of clients who lost their jobs due to the economy.
the dominant framework, setting, or context for these activities.
Economists predict a restoration of a market-driven capitalist economy in the country.
More than 80 percent of the country's population is involved in agriculture, making it one of the most agrarian economies in the world.
thrifty management; frugality in the expenditure or consumption of money, materials, etc..
By careful economy and some small sacrifices, he paid all his debts.
Synonyms: , ,Antonyms: , ,an act or means of thrift; a saving.
He achieved a small economy by walking to work instead of taking a bus.
the efficient, sparing, or concise use of something.
When you're ill, practicing an economy of effort for everyday tasks is important.
the organization or regulation of the parts of a system.
The medication disrupts the normal hormonal economy of the body.
Theology.
the divine plan for humanity, from creation through redemption to final beatitude.
the method of divine administration at a particular time or for a particular people.
Obsolete.the management of household affairs.
adjective
costing less to make, buy, or operate.
With fuel prices so bad, I'm glad I have an economy car.
of or relating to economy class.
The economy fare to San Francisco is only $20 cheaper.
intended to save money.
They voted to reduce the staff in an economy move.
adverb
in economy-class accommodations, or by economy-class conveyance.
These days I can only afford to travel economy.
economy
/ ɪˈɒəɪ /
noun
careful management of resources to avoid unnecessary expenditure or waste; thrift
a means or instance of this; saving
sparing, restrained, or efficient use, esp to achieve the maximum effect for the minimum effort
economy of language
the complex of human activities concerned with the production, distribution, and consumption of goods and services
a particular type or branch of such production, distribution, and consumption
a socialist economy
an agricultural economy
the management of the resources, finances, income, and expenditure of a community, business enterprise, etc
a class of travel in aircraft, providing less luxurious accommodation than first class at a lower fare
( as modifier )
economy class
(modifier) offering or purporting to offer a larger quantity for a lower price
economy pack
the orderly interplay between the parts of a system or structure
the economy of nature
philosophy the principle that, of two competing theories, the one with less ontological presupposition is to be preferred
archaicthe management of household affairs; domestic economy
Other Word Forms
- noneconomy noun
- subeconomy noun
- supereconomy noun
Word History and Origins
Origin of economy1
Word History and Origins
Origin of economy1
Example Sentences
Mr Pearson said the loss of the Teesside plant would also mean a "catastrophic knock-on effect in other vital sectors of the economy".
The image, Sheinbaum said Friday, “doesn’t fit with the millions of Mexicans who contribute to the economy of the United States and are the best of people.”
The Scottish government points to a range of initiatives it has launched in recent years to tackle household waste and create a more "circular" economy, where material are reused over and over.
"The threats we are looking at primarily exist around protecting government, protecting secrets, protecting our people - so counter-assassination - protecting our economy, sensitive technology and critical knowledge," she said.
It has promised a set of streamlined priorities focused around the global economy and security.
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When To Use
An economy is everything involved in managing resources in a particular place.Resources are things known as goods and services. Goods are touchable things we can own, like food or cars. Services are work you can do for pay, such as cooking food at a restaurant or repairing a car at a garage. An economy includes all of the systems, activities, and organizations that determine who gets goods and services, how many goods and services there are, and how they can be exchanged or owned.Stores, factories, companies, governments, customers, money, trade, taxes, and many other things all work together to make up an economy. We usually specify an economy by location, as in the German economy. But it’s common for someone to refer to the economy of their own country as “the economy.” The study of economies is called economics.Economies are often very complex and are influenced by many different factors, such as supply of natural resources, culture, government policy, weather, pandemics, and changes in technology.Many modern countries have a market economy. In this kind of economy, a person or business owns the goods and services they produce and can decide how much they want to sell them for. Likewise, customers or buyers have money that they can decide how much they are willing to spend on goods and services. In this type of economy, prices are determined by supply and demand. Goods and services that are rare or greatly desired by many people have a high price, while goods and services that are plentiful or less-wanted things have a low price.By comparison, in a command economy a government decides how goods and services will be distributed and industries are mostly owned by the public.
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