economy

[ ih-kon-uh-mee ]

noun

, plural e·con·o·mies.

1. 1. the 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.

   2. 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.

   3. 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.

2. 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: thriftiness, saving, thrift

   Antonyms: wastefulness, lavishness, extravagance

3. an act or means of thrift; a saving:

   He achieved a small economy by walking to work instead of taking a bus.

4. the efficient, sparing, or concise use of something:

   When you're ill, practicing an economy of effort for everyday tasks is important.

5. economy class ( def ).
6. the organization or regulation of the parts of a system:

   The medication disrupts the normal hormonal economy of the body.

7. Theology.
   1. the divine plan for humanity, from creation through redemption to final beatitude.
   2. the method of divine administration at a particular time or for a particular people.
8. Obsolete. the management of household affairs.

adjective

1. costing less to make, buy, or operate:

   With fuel prices so bad, I'm glad I have an economy car.

2. of or relating to economy class:

   The economy fare to San Francisco is only $20 cheaper.

3. intended to save money:

   They voted to reduce the staff in an economy move.

adverb

1. in economy-class accommodations, or by economy-class conveyance:

   These days I can only afford to travel economy.

economy

/ ɪˈkɒnəmɪ /

noun

1. careful management of resources to avoid unnecessary expenditure or waste; thrift
2. a means or instance of this; saving
3. sparing, restrained, or efficient use, esp to achieve the maximum effect for the minimum effort

   economy of language

4. 1. the complex of human activities concerned with the production, distribution, and consumption of goods and services
   2. a particular type or branch of such production, distribution, and consumption

      an agricultural economy

      a socialist economy

5. the management of the resources, finances, income, and expenditure of a community, business enterprise, etc
6. 1. a class of travel in aircraft, providing less luxurious accommodation than first class at a lower fare
   2. ( as modifier )

      economy class

7. modifier offering or purporting to offer a larger quantity for a lower price

   economy pack

8. the orderly interplay between the parts of a system or structure

   the economy of nature

9. philosophy the principle that, of two competing theories, the one with less ontological presupposition is to be preferred
10. archaic.
    the management of household affairs; domestic economy

Other Words From

• non·e·con·o·my noun plural noneconomies
• sub·e·con·o·my noun plural subeconomies
• su·per·e·con·o·my noun plural supereconomies

Word History and Origins

Origin of economy¹

First recorded in 1520–30; from Middle French economie, from Latin oeconomia, from Greek oikonomíā “household management,” from oîko(s) “house” ( ecology ( def ) ) + -nomia -nomy

Word History and Origins

Origin of economy¹

C16: via Latin from Greek oikonomia domestic management, from oikos house + -nomia, from nemein to manage

Example Sentences

"It will hit our economy," she warned.

From BBC

After becoming economy secretary, he was driven to two European Championship qualifiers against Georgia and Norway in June and November 2023.

From BBC

Gray was given VIP tickets to Aberdeen matches at Hampden three times, once in his current role and twice when he was wellbeing economy, fair work and energy secretary.

From BBC

The three-day event, which will celebrate its 50th anniversary in April, draws nearly 200,000 people to the streets of Long Beach, contributing an estimated $63 million to the region’s economy annually.

From Los Angeles Times

But there was something even more significant: For a generation, conservatives — not just the far right, which Crusius appeared to identify with — had propelled the notion that climate change was a hoax fabricated so the government could impose new restrictions on the economy and society.

From Salon

Related Words

• frugality
• prudence
• thrift
• thriftiness