Finesentence mobile logo
Sign in Login / Register

Economize Meaning: Definition, Examples, and Translations

💰
Add to dictionary

economize

[ɪˈkɒnəmaɪz ]

Definition

Context #1 | Verb

financial management

To economize means to use resources, such as money or time, sparingly and efficiently. It often involves cutting down on unnecessary expenditures or making budget-friendly choices. This practice is essential for individuals and businesses to ensure sustainability and to avoid waste. By economizing, one can achieve financial stability and prepare for unforeseen expenses.

Synonyms

conserve, cut back, reduce, save, thrift.

Examples of usage

  • We need to economize on our grocery shopping this month.
  • The company has decided to economize on travel expenses.
  • She learned to economize by cooking at home instead of dining out.

Translations

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

Interesting Facts

Economic Theory

  • In economics, economizing involves making choices about how to allocate limited resources for maximum utility.
  • Cost-benefit analysis is a key principle that helps individuals and businesses decide when to economize.
  • The concept of opportunity cost arises from economizing – thinking about what you give up when you make a choice.

Consumer Behavior

  • During economic downturns, people tend to economize by reducing luxuries and prioritizing necessities.
  • Brands often introduce budget-friendly options to attract consumers looking to economize their spending.
  • Saving habits can lead to increased financial security, motivating people to economize more effectively.

Sustainability

  • Economizing can contribute to environmental sustainability by reducing waste and resource depletion.
  • Practices like reducing water and energy consumption illustrate how economizing benefits both the wallet and the planet.
  • The 'reduce, reuse, recycle' mantra supports the idea of economizing in our daily lives.

Cultural Perspectives

  • Different cultures have unique attitudes towards saving and spending, influencing how people economize.
  • In some cultures, frugality is viewed as a virtue, while in others, spending can signify success.
  • Social practices, such as communal resource sharing, reflect diverse strategies for economizing among communities.

Origin of 'economize'

Main points about word origin

  • The word comes from the Greek 'oikonomia', meaning 'management of a household'.
  • It evolved through Latin 'oeconomia', which means 'administration of a household or estate'.
  • Over time, its use broadened from just homes to include broader financial management.

The word 'economize' has its roots in the Greek word 'oikonomia', which means 'management of a household'. The term evolved through Latin 'oeconomia' before entering the English language in the mid-19th century. Initially, it referred to the careful management of home resources but gradually expanded to encompass broader financial practices. The emphasis on prudent resource management reflects the socio-economic changes of the time, as more individuals and families began to take a proactive approach to budgeting and financial planning. The rise of consumerism in the 20th century further propelled the need for economical practices, leading to the term becoming integral in discussions surrounding sustainability and financial health.

Word Frequency Rank

Positioned at #23,256, this word is part of extensive vocabulary. It's relatively rare in general usage but may be important in specific fields or formal writing.