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Meaning & Definition of Economy in English

English

Economy

/ɪkɑnəmi/

noun

1. The system of production and distribution and consumption

    synonym:
  • economy
  • ,
  • economic system

2. The efficient use of resources

  • "Economy of effort"
    synonym:
  • economy

3. Frugality in the expenditure of money or resources

  • "The scots are famous for their economy"
    synonym:
  • economy
  • ,
  • thriftiness

4. An act of economizing

  • Reduction in cost
  • "It was a small economy to walk to work every day"
  • "There was a saving of 50 cents"
    synonym:
  • economy
  • ,
  • saving

Examples of using

The storm had a serious effect on the economy.
“The economy has opened up a faultline in the Atlantic,” announces La Stampa, reporting on the impact of recent remarks by Barack Obama which imply that the poor management of the Eurozone crisis is to blame for the feeble outlook for growth in the US.
Maria knows very little about economy.