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Economical Meaning: Definition, Examples, and Translations

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economical

[ˌiːkəˈnɒmɪk(ə)l ]

Definition

Context #1 | Adjective

financial

Relating to or concerned with the efficient use of money and resources.

Synonyms

cost-effective, efficient, frugal, thrifty.

Which Synonym Should You Choose?

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Word Description / Examples
economical

Used when talking about something that saves money or resources over time, often in relation to practicality.

  • His car is very economical in terms of fuel consumption.
  • Buying in bulk is more economical in the long run.
cost-effective

Appropriate for situations where something provides good value for the amount of money spent, often used in business or project planning.

  • The new marketing strategy is cost-effective and has increased sales significantly.
  • Installing solar panels can be a cost-effective solution for reducing energy bills.
thrifty

Describes a person who makes wise and economical decisions about spending money, usually has a positive connotation.

  • She is a thrifty shopper, always finding the best deals.
  • Their thrifty habits have helped them save for a down payment on a house.
frugal

Used for describing a person who is careful and sparing with money, often implies simplicity and avoidance of excess. Can have a slightly negative connotation if it suggests being overly stingy.

  • Living a frugal lifestyle, they manage to save a significant amount of money each month.
  • He is frugal with his spending, always looking for discounts and deals.
efficient

Refers to something that uses time, money, or resources wisely without waste, often used to describe processes or systems.

  • The new machine is more efficient, reducing production time by half.
  • She is very efficient in managing her daily tasks.

Examples of usage

  • An economical solution to the budget problem was proposed by the finance department.
  • She always shops at economical stores to save money.
  • We need to find more economical ways to produce energy.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Pop Culture

  • Movies and TV shows often portray characters who are economical, showcasing frugality as a virtue.
  • In television commercials, brands emphasize the economical aspects of their products to attract cost-conscious consumers.
  • Many pop songs advocate for living simply and economically, encouraging fans to value experiences over spending.

Science

  • In environmental science, being economical can refer to practices that reduce resource consumption and lower carbon footprints.
  • Studies show that building energy-efficient homes can significantly reduce energy costs, illustrating the practical benefits of being economical.
  • Agricultural scientists have developed economical farming methods that use fewer resources while maximizing crop yield.

Finance

  • Financial literacy emphasizes the importance of being economical to avoid debt and save for the future.
  • Budgeting is a fundamental practice that encourages individuals and businesses to be more economical with their finances.
  • Economic theory often discusses the concept of scarcity, leading to the necessity for efficient and economical decision-making.

History

  • During the Great Depression, many families learned to live economically to survive with limited resources.
  • Historical figures like Benjamin Franklin advocated for frugality and economical practices, contributing to American values.
  • Economic crises often lead societies to adopt more economical practices, impacting cultural perspectives on spending and saving.

Origin of 'economical'

Main points about word origin

  • The term comes from the Greek word 'oikonomia', meaning 'household management'.
  • It evolved in the 15th century through Middle French into English, emphasizing management and efficiency.
  • Originally related to the management of a household, it expanded to include broader applications like finance and resource use.

The word 'economical' originated from the Latin word 'oeconomicus', which means 'of domestic economy'. Over time, the term evolved to include the concept of efficient use of resources, especially money. The modern usage of 'economical' emphasizes the importance of saving and efficiency in financial matters.

See also: economic, economics, economizer, macroeconomy.

Word Frequency Rank

At #5,228 in frequency, this word belongs to advanced vocabulary. It's less common than core vocabulary but important for sophisticated expression.