1 econ·o·my
Pronounced:
/ɪˈkɑ:nəmi/
Function:
nounInflected forms:
plural econ·o·miesMeaning:
1 [count] : the process or system by which goods and services are produced, sold, and bought in a country or region ▪ The war altered the country's economy. ▪ An increase in tourism will help the city's economy. ▪ We currently have a strong/weak economy. [=many/few goods and services are being produced, sold, and bought] ▪ the Mexican economy = Mexico's economy ▪ the world/global economy ▪ the region's fishing/information/retail economy ▪ People are worried about (the state of) the economy. [=their country's economy] ▪ changes in the economy
2 [noncount] : careful use of money, resources, etc. ▪ We must learn to practice economy. ▪ a writer known for her economy of language [=her careful use of language; her use of only the words that are most necessary] ▪ cars with better fuel economy [=cars that use less fuel]
3 : something that makes it possible for you to spend less money [count] ▪ We'll also benefit from the economies provided by more efficient energy sources. ▪ Mass production creates economies of scale. [=situations in which it costs less to produce something because you are producing a lot at one time] ▪ Using cheap materials proved to be a false economy. [=it cost less at first but resulted in more money being spent later] [noncount] ▪ It would be false economy to repair the leak without replacing the pipe.
2 [noncount] : careful use of money, resources, etc. ▪ We must learn to practice economy. ▪ a writer known for her economy of language [=her careful use of language; her use of only the words that are most necessary] ▪ cars with better fuel economy [=cars that use less fuel]
3 : something that makes it possible for you to spend less money [count] ▪ We'll also benefit from the economies provided by more efficient energy sources. ▪ Mass production creates economies of scale. [=situations in which it costs less to produce something because you are producing a lot at one time] ▪ Using cheap materials proved to be a false economy. [=it cost less at first but resulted in more money being spent later] [noncount] ▪ It would be false economy to repair the leak without replacing the pipe.