Meaning & Definition of word "Economic"
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Economic
/ˌiː.kəˈnɒm.ɪk/
adjective:
- 1. Relating to economics or the economy.
- Example: The government implemented several economic policies to stimulate growth.
- 2. Pertaining to the material wealth or resources of a country, region, or community.
- Example: The economic development of the region has attracted many new businesses.
- 3. Concerned with the careful use of resources; efficient.
- Example: She is looking for an economic way to travel without spending too much money.
- 4. Influencing or relating to the financial aspects of something.
- Example: The project was evaluated not only for its technical feasibility but also for its economic viability.
Etymology
From the Late Latin 'oeconomicus', meaning 'pertaining to house management'.
Common Phrases and Expressions
economic growth:
An increase in the production of goods and services in an economy over a period.
economic downturn:
A decline in economic activity or performance.
economic feasibility:
The assessment of the cost-effectiveness of a project or decision.
Related Words
economics:
The study of how societies use scarce resources.
economist:
A professional who studies the economy.
economy:
The system of production and distribution of goods and services.
Slang Meanings of economic
Meaning: Easy on the budget.
Example Sentence: That restaurant is really economic; you can eat well without spending much.
Meaning: A term used to describe something cost-effective.
Example Sentence: This new app is super economic; it saves you a lot of money.