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

Unlike the Soviet Union at a certain period in history, the Russian economy does not hold a candle to that of the United States.

From The Daily Beast

Nothing in it was meant to change the basic operations of the capitalist economy or to intervene aggressively in class relations.

From The Daily Beast

The economy has begun to add jobs, but the quality of those jobs is an increasing concern.

From The Daily Beast

Sometimes a column has the economy and rhythm of a short story.

From The Daily Beast

The rapid rise of the sharing economy is changing the way people around the world commute, shop, vacation, and borrow.

From The Daily Beast

He wrote on law, medical jurisprudence and political economy, and translated Justinian and Broussais.

From Project Gutenberg

I have been admonished and instructed by the systematic economy which is practiced even in great houses.

From Project Gutenberg

Economy with the good old soul was a cardinal virtue, waste a deadly sin.

From Project Gutenberg

He published several volumes on political economy, and was much interested in statistics.

From Project Gutenberg

The economy of heat in smelting furnaces and in the arated steam-engine were bold means to large results.

From Project Gutenberg

Related Words

• frugality
• prudence
• thrift
• thriftiness