Uneconomical: meaning, definitions and examples
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uneconomical
[ʌnˌɛkəˈnɑːmɪkəl ]
Definition
financial efficiency
Uneconomical refers to a situation or condition that is not cost-effective or that results in wasteful use of resources. It describes actions or choices that do not yield a favorable financial return or require excessive expenditure compared to the benefits gained. This term can apply to various contexts, including business practices, personal finance, and resource management. When something is deemed uneconomical, it implies that there are more efficient alternatives available.
Synonyms
extravagant, impractical, inefficient, unprofitable, wasteful.
Examples of usage
- Investing in that old equipment was utterly uneconomical.
- The uneconomical design of the building increased maintenance costs.
- Choosing a larger vehicle proved to be uneconomical for the family.
- Implementing the new strategy was considered uneconomical after initial assessments.
Interesting Facts
Etymology
- The word comes from 'economy', which finds its roots in the Greek word 'oikonomia', meaning 'management of a household'.
- The prefix 'un-' indicates the opposite, making 'uneconomical' mean the opposite of good management.
- First documented use of the term traces back to the early 19th century, indicating a growing awareness of financial efficiency.
Environmental Impact
- Certain practices labeled uneconomical can also harm the environment; for instance, inefficient energy use contributes to greater carbon footprints.
- Adopting more sustainable methods can contradict uneconomical practices, saving both resources and costs in the long run.
- Incorporating eco-friendly materials might initially seem uneconomical but often leads to future savings on energy and waste.
Business Strategy
- Many businesses analyze their operations, and identifying uneconomical practices can lead to improved efficiency and profitability.
- Consultants often highlight 'uneconomical' areas in companies to streamline processes and reduce expenses.
- In competitive markets, companies focusing on uneconomical strategies risk losing customers to more efficient rivals.
Psychology
- Cognitive biases can lead individuals to make uneconomical choices, such as overspending on luxury items that don’t provide proportional satisfaction.
- The ‘sunk cost fallacy’ can drive people to continue with uneconomical decisions because they’ve already invested time or money in them.
- Emotional spending often results in choices that may be deemed uneconomical, highlighting the link between emotion and financial behavior.
Public Policy
- Governments analyze projects for their economic feasibility, often labeling initiatives as uneconomical to redirect funds to more beneficial programs.
- Debates around public transportation often include discussions on uneconomical routes versus those that efficiently connect communities.
- Policies aimed at reducing waste seek to eliminate uneconomical practices that drain public resources without delivering benefits.
Translations
Translations of the word "uneconomical" in other languages:
🇵🇹 ineconómico
🇮🇳 अर्थहीन
🇩🇪 unökonomisch
🇮🇩 tidak ekonomis
🇺🇦 неекономний
🇵🇱 nieekonomiczny
🇯🇵 非経済的
🇫🇷 non économique
🇪🇸 no económico
🇹🇷 ekonomik olmayan
🇰🇷 비경제적
🇸🇦 غير اقتصادي
🇨🇿 neekonomický
🇸🇰 neekonomický
🇨🇳 不经济的
🇸🇮 neekonomičen
🇮🇸 óhagkvæmur
🇰🇿 экономикалық емес
🇬🇪 არამხარჯველი
🇦🇿 iqtisadi cəhətdən səmərəsiz
🇲🇽 no económico