Definition

1. 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

1. 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
2. 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
3. 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
4. of or relating to the science of economics
   • economic theory
5. of or relating to an economy, the system of production and management of material wealth
   • economic growth
   • aspects of social, political, and economical life