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    Economía (en. Economy)

    /e.ko.noˈmi.a/

    Meaning & Definition

    EnglishSpanish
    noun
    System of production and consumption of goods and services in a society.
    The economy of our country has grown considerably in recent years.
    La economía de nuestro país ha crecido considerablemente en los últimos años.
    Set of resources and goods that a person or a community has.
    The household economy has been affected by the crisis.
    La economía familiar se ha visto afectada por la crisis.
    Study of how scarce resources are used.
    Economics deals with how individuals and societies decide to use their resources.
    La economía se ocupa de cómo los individuos y sociedades deciden utilizar sus recursos.

    Etymology

    From Greek 'oikonomía', which means 'management of the household'.

    Common Phrases and Expressions

    economies of scale
    Cost reduction by increasing production.
    economía de escala
    circular economy
    A model of production and consumption that promotes the reuse of resources.
    economía circular
    informal economy
    Unregistered economic activities.
    economía informal

    Related Words

    economic
    Related to the economy; involving the management of resources.
    económico
    economist
    A person who studies or works in the field of economics.
    economista
    investment
    Use of resources in a project to obtain benefits.
    inversión

    Slang Meanings

    To be in the red
    My finances have been in the red since I lost my job.
    Mi economía está en números rojos desde que perdí mi trabajo.
    To cut back
    I have to cut back this month to be able to pay the rent.
    Tengo que hacer economía este mes para poder pagar el alquiler.