- 1the system by which a country's money and goods are produced and used, or a country considered in this way
- 2careful use of money, goods, and resources so that nothing is wasted
Using economy: Examples
Take a moment to familiarize yourself with how "economy" can be used in various situations through the following examples!
The country's economy has been growing steadily for the past decade.
The government is implementing policies to boost the economy.
He has a degree in economics and works in the finance sector.
We need to be more mindful of our household economy and avoid unnecessary expenses.
economy Synonyms and Antonyms
Idioms Using economy
By increasing production, the company was able to achieve economies of scale and reduce its costs.
to take from one thing or person to give to another, often resulting in overall loss or damage
The government's decision to cut funding from education to boost the economy is like robbing Peter to pay Paul.
to continue to invest time, money, or effort into something that is failing or unlikely to succeed
The company's decision to pour more money into a failing project is like throwing good money after bad.
Phrases with economy
Many countries have adopted a mixed economy model to balance private enterprise with public welfare.
The pandemic has had a significant impact on the global economy, causing widespread job losses and economic downturns.
an economic system in which individuals share resources and services, often facilitated by technology platforms
The sharing economy has disrupted traditional industries like transportation and hospitality, with companies like Uber and Airbnb leading the way.
Origins of economy
from Greek 'oikonomia', meaning 'household management'
Summary: economy in Brief
The term 'economy' [ɪˈkɒnəmi] refers to the system of producing and using a country's money and goods, or the careful use of resources. It includes concepts like 'mixed economy' and 'global economy,' as well as idioms like 'the economy of scale.' 'Economy' can also refer to personal financial management, as in 'We need to be more mindful of our household economy.'