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Economy: meaning, definitions and examples

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economy

 

[ ɪˈkɒn.ə.mi ]

Noun
Oxford 3000
Context #1 | Noun

financial

The economy is the system by which goods and services are produced, sold, and bought in a country or region. It includes the production, consumption, and trade of goods and services.

Synonyms

economic system, financial system

Examples of usage

  • The government is implementing new policies to stimulate the economy.
  • The economy of this country heavily relies on exports.
  • Unemployment rates are a common indicator of the health of the economy.
Context #2 | Noun

business

Economy can also refer to the careful management of resources such as money, materials, or labor to achieve maximum efficiency and productivity.

Synonyms

efficiency, thriftiness

Examples of usage

  • The company needs to focus on cost-cutting measures to improve its economy.
  • Efficient resource allocation is crucial for the economy of the business.
Context #3 | Noun

frugality

Economy can also mean the quality of being economical or frugal, especially in the use of resources.

Synonyms

frugality, thrift

Examples of usage

  • She showed great economy in using up the leftover ingredients for another meal.
  • His economy in spending money allowed him to save for a vacation.

Translations

Translations of the word "economy" in other languages:

🇵🇹 economia

🇮🇳 अर्थव्यवस्था

🇩🇪 Wirtschaft

🇮🇩 ekonomi

🇺🇦 економіка

🇵🇱 ekonomia

🇯🇵 経済 (けいざい)

🇫🇷 économie

🇪🇸 economía

🇹🇷 ekonomi

🇰🇷 경제 (gyeongje)

🇸🇦 اقتصاد

🇨🇿 ekonomika

🇸🇰 ekonomika

🇨🇳 经济 (jīngjì)

🇸🇮 ekonomija

🇮🇸 hagkerfi

🇰🇿 экономика

🇬🇪 ეკონომიკა (ekonomika)

🇦🇿 iqtisadiyyat

🇲🇽 economía

Etymology

The word 'economy' originated from the Greek word 'oikonomia', which means 'household management' or 'administration'. It was first used in English in the 15th century to refer to the management of a household or family expenses. Over time, the term evolved to encompass broader concepts of financial and resource management at a national or global level.

Word Frequency Rank

Positioned at #1,045, this word is part of core intermediate vocabulary. It appears regularly in various contexts and is essential for natural-sounding English.