economy
/ɪˈkɒn.ə.mi/
NOUN
1. Careful and efficient use of resources
The careful management and use of money, materials, energy, or other resources to avoid waste and unnecessary expenditure.
1.1. Frugality and thrift
The practice of spending money carefully, avoiding unnecessary purchases, and managing financial resources with restraint.
Synonyms
- frugality
- thrift
- thriftiness
- parsimony
- prudence
- austerity
- penny-pinching
- miserliness
Antonyms
- extravagance
- profligacy
- prodigality
- overspending
- wastefulness
- lavishness
Examples
- Her economy allowed her to save enough money for a new home.
- The family practiced economy by avoiding unnecessary expenses.
- His strict economy helped him maintain financial stability.
Related Words
- saving
- budgeting
- restraint
- moderation
- self-control
- financial discipline
- stinginess
1.2. Efficient use and conservation of resources
The effective management of materials, energy, time, or other resources to achieve useful results while minimizing waste and unnecessary consumption.
Synonyms
- efficiency
- conservation
- husbandry
- resourcefulness
- sparingness
Antonyms
- waste
- wastefulness
- inefficiency
- excess
- squandering
Examples
- The factory improved its economy through better energy management.
- The design emphasizes economy in the use of construction materials.
- Careful economy of resources is essential during an emergency.
Related Words
- optimization
- sustainability
- management
- preservation
- stewardship
- resource conservation
1.3. Reduction of expenditure
The deliberate reduction or restriction of spending, particularly through cost-cutting measures and limitations on unnecessary expenses.
Synonyms
- retrenchment
- cutback
- belt-tightening
- curtailment
- austerity
- cost reduction
Antonyms
- expenditure
- spending
- overspending
- extravagance
- lavishness
Examples
- The company introduced strict economy measures to reduce operating costs.
- Government economy during the recession affected several public programs.
- The department achieved substantial savings through careful economy.
Related Words
- budget
- cost control
- savings
- downsizing
- financial restraint
- fiscal discipline
NOUN
2. A system of production, distribution, and consumption
The organized system through which goods and services are produced, distributed, exchanged, and consumed within a country, region, or the world.
2.1. National and regional economic systems
The economic structure and activities of a country or region, including its industries, businesses, workers, markets, production, and consumption.
Synonyms
- economic system
- financial system
- market system
Examples
- The country's economy has experienced steady growth over the past decade.
- High inflation continues to put pressure on the national economy.
- A strong economy can create more employment opportunities.
Related Words
- commerce
- industry
- trade
- production
- distribution
- consumption
- GDP
- market
2.2. Global and international economic activity
The interconnected economic activities of countries around the world, involving international trade, investment, financial markets, and the movement of goods and services across borders.
Synonyms
- world economy
- global economy
Examples
- The global economy is increasingly influenced by technological innovation.
- Disruptions in international shipping can affect the world economy.
- Developing countries play an important role in the global economy.
Related Words
- globalization
- international trade
- foreign investment
- global markets
- economic integration
- world commerce
NOUN
3. The study of economic activity
The academic discipline concerned with the production, distribution, and consumption of goods and services, including the behavior of individuals, businesses, and governments in allocating scarce resources.
3.1. Economics as an academic discipline
The field of study that examines how societies allocate resources, how markets function, and how individuals and institutions make financial and production decisions.
Synonyms
- economics
- economic science
- political economy
Examples
- She studied economy at university before specializing in international trade.
- The course examines the relationship between economy and public policy.
- His research focuses on the history of political economy.
Related Words
- microeconomics
- macroeconomics
- econometrics
- economic theory
- finance
- market analysis
NOUN
4. A low-cost class of transportation
A standard of travel accommodation offering basic services and facilities at a lower price than premium or higher-class options.
4.1. Airline and rail travel class
The lower-priced passenger accommodation on an airplane or train, generally providing standard seating and fewer amenities than business or first class.
Synonyms
- economy class
- coach
- standard class
Antonyms
- business class
- first class
- premium class
Examples
- We booked economy for our flight to Singapore.
- Economy offers fewer amenities than business class.
- The airline introduced additional seats in its economy section.
Related Words
NOUN
5. A principle or arrangement of organization
An orderly system or method of managing, arranging, or governing a particular group, institution, or domain.
5.1. An organized system of administration
A structured arrangement through which an institution, community, or organization is managed and its activities are coordinated.
Synonyms
Antonyms
- disorganization
- disorder
- chaos
Examples
- The historian examined the economy of the ancient empire.
- The institution developed a new economy of administration.
- The system of governance reflected the political economy of the period.
Related Words
- governance
- structure
- framework
- regime
- administrative system
NOUN
6. A method of expressing ideas concisely
The quality of achieving clarity and effectiveness through concise expression, avoiding unnecessary words, details, or ornamentation.
6.1. Brevity and conciseness in expression
The use of language or artistic elements in a restrained and efficient way, conveying meaning with few words or minimal detail.
Synonyms
- brevity
- concision
- terseness
- succinctness
- restraint
Antonyms
- verbosity
- wordiness
- prolixity
- redundancy
Examples
- The economy of her writing makes every sentence meaningful.
- The poem achieves great emotional power through economy of language.
- The director admired the economy of the film's visual storytelling.
Related Words
- clarity
- precision
- simplicity
- minimalism
- expressiveness