economy

/i:'kɔnəmi/

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Word: Economy

Part of Speech: Noun

Simple Explanation:

1. General Meaning:

   • The economy is how people buy, sell, and use things in a community or country. It includes businesses, jobs, and money.
   • It can also mean being careful with money, trying to spend less.

2. Usage in a Sentence:

   • "Walking to work instead of driving is a small economy; I save 50 cents every day."

Advanced Usage:

1. In a Broader Context:
   • "The economy of a country can grow or shrink based on many factors, like jobs available, how much people spend, and trade with other countries."
   • "Efficient use of resources can lead to an economy of effort, where we achieve more with less work."

Word Variants:

• Economic (adjective): Related to the economy. Example: "The economic situation is improving."
• Economical (adjective): Not wasteful; saving money or resources. Example: "An economical car uses less fuel."
• Economics (noun): The study of how money and resources are managed. Example: "She studied economics at university."

Different Meanings:

1. In Personal Finance:

   • It can refer to being frugal or careful with personal spending.
   • Example: "She practiced economy by cooking at home instead of eating out."

2. In Business Context:

   • It may refer to the overall system of production and consumption.
   • Example: "The local economy is based on agriculture and tourism."

Synonyms:

• Frugality: Being careful with money.
• Budget: A plan for managing money.
• Management: The act of organizing resources efficiently.

Idioms:

• "Running an economy."

  • Meaning: Managing resources or finances effectively.

• "A penny saved is a penny earned."

  • Meaning: Saving money is just as important as earning it.

Phrasal Verbs:

• "Cut back on": To spend less or reduce something.

  • Example: "We need to cut back on our expenses to save money."

• "Economize on": To reduce the amount spent on something.

  • Example: "We should economize on electricity to lower the bill."

Summary:

The word "economy" is essential for understanding how we manage money and resources in our lives and communities.

Academic

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

Synonyms

• saving
• thriftiness
• economic system