Definition

1. Noun:
   • The careful management of available resources, especially money, to avoid waste: "Economy" refers to the practice of using resources efficiently and not spending more than necessary.
   • The system by which a country's goods and services are produced, distributed, and consumed: "Economy" also describes the entire structure of a nation's or region's financial and industrial system.

Examples of Usage

• Noun (Management of Resources):
  • She practices economy by turning off lights when leaving a room.
  • The design of the engine is praised for its fuel economy.
• Noun (System of Production and Consumption):
  • The global economy is experiencing a period of growth.
  • Tourism is a vital part of the island's economy.

Advanced Usage

• "Economy of scale": A proportionate saving in costs gained by an increased level of production.
  • Large factories benefit from an economy of scale, allowing them to produce goods more cheaply.
• "Economy of words": Using the fewest words possible to express an idea clearly.
  • The poet is known for her powerful economy of words.

Variants and Related Words

• Economic (adj): Relating to economics or the economy.
  • The government is discussing new economic policies.
• Economical (adj): Giving good value or service in relation to the amount of money, time, or effort spent; not wasteful.
  • This car is very economical on fuel.
• Economics (n): The social science that studies the production, distribution, and consumption of goods and services.
  • She is studying economics at university.

Synonyms

• Thrift: The quality of using money and other resources carefully and not wastefully.
• Frugality: The quality of being economical with resources.
• System: A set of connected things or parts forming a complex whole (for the structural meaning).

Related Phrases

• Practice economy: To be careful in spending money or using resources.
  • During the recession, many families had to practice strict economy.
• Command economy: An economic system in which production, investment, prices, and incomes are determined centrally by a government.
  • The country transitioned from a command economy to a more market-based system.

Related Idioms

• "False economy": An action that saves money at the beginning but, over a longer period, results in more money being spent than was saved.
  • Buying the cheapest tires is a false economy if they wear out twice as fast.

Noun

1. an act of economizing; reduction in cost
   • it was a small economy to walk to work every day
   • there was a saving of 50 cents
2. frugality in the expenditure of money or resources
   • the Scots are famous for their economy
3. the efficient use of resources
   • economy of effort
4. the system of production and distribution and consumption