- the divine plan for humanity, from creation through redemption to final beatitude.
- the method of divine administration, as at a particular time or for a particular race.
Origin of economy
OTHER WORDS FROM economynon·e·con·o·my, noun, plural non·e·con·o·mies.sub·e·con·o·my, noun, plural sub·e·con·o·mies.su·per·e·con·o·my, noun, plural su·per·e·con·o·mies.
Words nearby economy
MORE ABOUT ECONOMY
What does economy mean?
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.
Why is economy important?
The first records of the word economy come from around 1520. It ultimately comes from the Greek word oikonomíā, meaning “household management.”
Generally speaking, the world’s oldest economies go all the way back to prehistoric humans who traveled around, hunting and gathering food and supplies, which we call a traditional economy. Because money didn’t exist back then, we believe the community shared everything they gathered. Who got what food and supplies was decided according to strict society rules, whose main goal was to ensure everyone was fed.
Today, the state of a nation’s economy is often one of the most important issues in society. Poor or failing economies can lead to major problems, like widespread starvation or violent uprisings against the government. Our lives are impacted by the economies of the places we live every day because it is the economy that determines if we can eat, how much money we make, and how much everything costs.
Did you know … ?
Thanks to advances in technology, especially the internet, the economy of the entire world can be tracked and analyzed. Economists and economic planners will often consider the state of the “global economy” when giving advice or making observations.
What are real-life examples of economy?
People are always very interested in the state of the economy.
Is the failing economy going to be issue number 1 in the elections?
— THE NEWSHOUR (@thenewshour) August 30, 2013
Fastest growing economy in the world hitting the breaks
JP Morgan slashes China Q1 GDP forecast to 6.2% from 7.2%
— Lawrence McDonald (@Convertbond) March 14, 2014
What other words are related to economy?
True or False?
An economy involves determining who is able to purchase goods and services and how they will get them.
How to use economy in a sentence
“I think whether it’s the economy or the coronavirus, former vice president Biden, he’s proven he wants to root against American prosperity for his own political gain,” Wenstrup said.Trump contradicts CDC director on vaccine; Biden says Americans shouldn’t trust Trump|Colby Itkowitz, Felicia Sonmez, John Wagner|September 16, 2020|Washington Post
The latest spot from the president's campaign hands the microphone to a woman, never named, who says confidently that Joe Biden could “never handle the economy after covid.”
Then we started to see a slow growth of travel in different areas of the economy.Are you ready to start traveling for work again? TripActions’ CEO is banking on it|Michal Lev-Ram, writer|September 15, 2020|Fortune
When girls go to school, economies grow and public health improves.Malala Yousafzai tells the business community: Education is the best way to guard against future crises|Michal Lev-Ram, writer|September 15, 2020|Fortune
It’s a mistake that recalls the firm’s approach in January last year, when Fed Chairman Jay Powell signaled he’d do whatever it took to keep the economy growing.The losses continue to pile up for hedge fund king Ray Dalio|Bernhard Warner|September 15, 2020|Fortune
Unlike the Soviet Union at a certain period in history, the Russian economy does not hold a candle to that of the United States.
Nothing in it was meant to change the basic operations of the capitalist economy or to intervene aggressively in class relations.
The economy has begun to add jobs, but the quality of those jobs is an increasing concern.
Sometimes a column has the economy and rhythm of a short story.
The rapid rise of the sharing economy is changing the way people around the world commute, shop, vacation, and borrow.Why Do ‘Progressives’ Want to Ban Uber and AirBnB?|Adam Thierer, Christopher Koopman|December 30, 2014|DAILY BEAST
He wrote on law, medical jurisprudence and political economy, and translated Justinian and Broussais.
I have been admonished and instructed by the systematic economy which is practiced even in great houses.Glances at Europe|Horace Greeley
Economy with the good old soul was a cardinal virtue, waste a deadly sin.
He published several volumes on political economy, and was much interested in statistics.
The economy of heat in smelting furnaces and in the arated steam-engine were bold means to large results.Life of Richard Trevithick, Volume II (of 2)|Francis Trevithick
British Dictionary definitions for economy
- 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 consumptiona socialist economy; an agricultural economy
- a class of travel in aircraft, providing less luxurious accommodation than first class at a lower fare
- (as modifier)economy class