Meaning & Definition of word "Economic"
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.