economic
/,i:kə'nɔmik/
Học thuậtThân thiện
Definition
- Adjective:
- Relating to the economy or economics: Pertaining to the production, distribution, and consumption of goods and services, or to the science that studies these systems.
- Financially viable or profitable: Justified or sustainable from a financial perspective; yielding a profit or saving.
- Concerned with material resources and necessities: Involving or related to practical, often financial, considerations of life.
- Efficient in use of resources: Using the minimum necessary amount of time, money, or materials; economical.
Examples of Usage
- Relating to the economy or economics:
- The government introduced new policies to stimulate economic growth.
- She is studying economic theory at university.
- Financially viable or profitable:
- It is not economic to run the bus service after midnight due to low passenger numbers.
- The project must be economic to secure further investment.
- Concerned with material resources:
- They had to move to a smaller apartment for economic reasons.
- Efficient in use of resources:
- The new engine design is more economic, using less fuel for the same power. (Note: In this sense, 'economic' is often interchangeable with 'economical').
Advanced Usage
- "economic sanctions": Commercial and financial penalties applied by one or more countries against a targeted country, group, or individual.
- The United Nations imposed economic sanctions on the regime.
- "economic indicator": A statistic about economic activity, used to analyze performance and predict future trends.
- The unemployment rate is a key economic indicator.
- "economic viability": The ability of a project or system to be financially sustainable.
- The study will assess the economic viability of the proposed dam.
Variants and Related Words
- Economical (adj): Giving good value or service in relation to the amount of money, time, or effort spent. (Often overlaps with the 'efficient' sense of 'economic').
- This car is very economical on fuel.
- Economics (n): The social science that studies the production, distribution, and consumption of goods and services.
- He has a degree in economics.
- Economy (n): 1. The state of a country or region in terms of the production and consumption of goods and services. 2. Careful management of available resources.
- The national economy is recovering.
Synonyms
- Financial: Relating to finance or money matters.
- Profitable: Yielding profit or financial gain.
- Cost-effective: Effective in terms of its monetary cost.
- Frugal: Sparing or economical with regard to money or food.
Antonyms
- Uneconomic: Not profitable or financially viable.
- Extravagant: Lacking restraint in spending money or using resources.
- Wasteful: Using or expending something of value carelessly or to no purpose.
Related Phrases and Collocations
- Economic policy: A course of action intended to influence or control the behavior of the economy.
- Economic crisis: A situation in which the economy of a country experiences a sudden downturn.
- Economic development: The process by which the economic well-being and quality of life of a nation improve.
- Socio-economic: Relating to or concerned with the interaction of social and economic factors.
Adjective
- financially rewarding
- it was no longer economic to keep the factory open
- have to keep prices high enough to make it economic to continue the service
- concerned with worldly necessities of life (especially money)
- he wrote the book primarily for economic reasons
- gave up the large house for economic reasons
- in economic terms they are very privileged
- using the minimum of time or resources necessary for effectiveness
- an economic use of home heating oil
- a modern economical heating system
- an economical use of her time
- of or relating to the science of economics
- economic theory
- of or relating to an economy, the system of production and management of material wealth
- economic growth
- aspects of social, political, and economical life