economy

[ɪˈkɒnəmi]

economy Definition

• 1. the system by which a country's money and goods are produced and used, or a country considered in this way
• 2. careful 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!

• Example

  The country's economy has been growing steadily for the past decade.

• Example

  The government is implementing policies to boost the economy.

• Example

  He has a degree in economics and works in the finance sector.

• Example

  We need to be more mindful of our household economy and avoid unnecessary expenses.

economy Synonyms and Antonyms

Synonyms for economy

• finance
• commerce
• trade
• industry
• business

Antonyms for economy

• waste
• extravagance
• spending spree

Idioms Using economy

• the economy of scale

  a proportionate saving in costs gained by an increased level of production

  Example

  By increasing production, the company was able to achieve economies of scale and reduce its costs.

• rob Peter to pay Paul

  to take from one thing or person to give to another, often resulting in overall loss or damage

  Example

  The government's decision to cut funding from education to boost the economy is like robbing Peter to pay Paul.

• throw good money after bad

  to continue to invest time, money, or effort into something that is failing or unlikely to succeed

  Example

  The company's decision to pour more money into a failing project is like throwing good money after bad.

Phrases with economy

• mixed economy

  an economic system that combines elements of capitalism and socialism

  Example

  Many countries have adopted a mixed economy model to balance private enterprise with public welfare.

• global economy

  the interconnected network of economic activity that transcends national borders

  Example

  The pandemic has had a significant impact on the global economy, causing widespread job losses and economic downturns.

• sharing economy

  an economic system in which individuals share resources and services, often facilitated by technology platforms

  Example

  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'

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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.'