Uneconomical Meaning: Definition, Examples, and Translations
๐ธ
uneconomical
[สnหษkษหnษหmษชkษl ]
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.
Translations
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Interesting Facts
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 donโt provide proportional satisfaction.
- The โsunk cost fallacyโ can drive people to continue with uneconomical decisions because theyโve 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.
Origin of 'uneconomical'
Main points about word origin
- 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.
The term 'uneconomical' has its roots in the late 19th century, derived from the combination of the prefix 'un-' signifying negation and the word 'economical', which originates from the Greek word 'oikonomikos' meaning 'pertaining to household management'. The Greek root 'oikos' translates to 'house' and 'nomos' means 'law' or 'management', which collectively suggests efficiency and prudent resource management in a domestic context. As the language evolved, the term 'economical' was adopted in English to describe practices that maximize savings and minimize waste. The introduction of the prefix 'un-' to form 'uneconomical' reflects the opposite of this idea, indicating practices or decisions that lead to inefficiencies or excessive expenditure. Over time, 'uneconomical' has found usage in various sectors, including business, finance, and environmental discussions, highlighting the necessity for more responsible and sustainable resource usage.