Economy: meaning, definitions and examples

As this word is repeated, it's likely to be a mistake, but it still refers to the overall financial and resource management state of a country.

• The economy has shown signs of recovery.
• A weak economy can lead to higher unemployment rates.

This term is best when talking about the institutions, markets, and regulations that facilitate financial activities in a country, including banks, stock markets, and regulatory bodies.

• The financial system is crucial for economic growth.
• The central bank oversees the country's financial system.

This is suitable when referring to how a particular society or country organizes its economic activities, like capitalism, socialism, etc. It's more technical and specific.

• Capitalism is an economic system based on private ownership.
• Different countries have different economic systems.

Also refers to careful use of resources or money to avoid waste.

• Switching off the lights when not in use is an example of good economy.
• Families practiced economy by growing their own vegetables.

Focuses on achieving maximum productivity with minimum wasted effort or expense, often used in business or technical settings.

• The new system was designed for greater efficiency and speed.
• Their efficiency in manufacturing enabled the company to reduce costs.

Indicates careful management of money and resources, typically used in everyday contexts, sometimes implying frugality or a more personal approach.

• Her thriftiness allowed her to save enough money for a vacation.
• Thriftiness is a valuable trait when trying to manage a household budget.

This term often describes the system by which goods and services are produced, distributed, and consumed within a society. It can also refer to the careful management of resources to avoid waste.

• The country's economy is growing steadily.
• Practicing economy in your daily life can help save a lot of money.

This word specifically relates to being sparing or economical in the use of resources. It usually has a positive connotation, implying wisdom and restraint.

• Her frugality allowed her to save enough money to buy a house.
• Living a life of frugality can be very rewarding.

Thrift emphasizes the careful management of money and resources, often with the goal of saving. It suggests a proactive approach to financial prudence.

• Thrift stores are great places to find bargains.
• My grandmother's thriftiness was a trait I always admired.