economy
ih-KO-nuh-mee
Economy (noun) means the system of production, trade, and consumption within a country, region, or community. Example: “Tourism plays a big part in the local economy of this seaside town.”
noun
1
The system of production, trade, and consumption within a country, region, or community.
"Tourism plays a big part in the local economy of this seaside town."
"Experts say a strong economy depends on people having stable jobs."
"The national economy grew by two percent last year."
2
Careful or frugal use of money or resources.
"With some economy, the family made their monthly budget last longer."
"Living on a small income taught her the value of economy."
"They practised economy by cutting back on unnecessary trips."
3
The cheaper class of seating on a plane or train.
"The economy seats were cramped, but the journey was fairly short."
"Do you usually book economy or pay extra for more legroom?"
"We flew economy to save money for the hotel."
How to use economy
Learner’s notesIn plain EnglishThe system of trade and money in a country, or more generally, the careful, non-wasteful use of resources.
Common pairings
global economy
economy of scale
fly economy
household economy
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Word forms
- Plural
- economies
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Tourism plays a big part in the local _____ of this seaside town.
Etymology
From Greek oikonomía, "household management," from oîkos ("house") plus némō ("to manage" or "allocate") — the word originally described running a household well before it grew to mean running a whole economy.
Synonyms
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Related words
Rhymes for economy
roomy
gloomy
sodomy
anatomy
taxonomy
antinomy
autotomy
autonomy
lobotomy
dichotomy
astronomy
colostomy
See all rhymes for economy →
Frequently asked questions
What does “economy” mean?
The word “economy” means the system of production, trade, and consumption within a country, region, or community. In plain terms, the system of trade and money in a country, or more generally, the careful, non-wasteful use of resources.
How do you pronounce “economy”?
“Economy” is pronounced ih-KO-nuh-mee (/iˈkɑ.nə.mi/ in IPA).
How do you use “economy” in a sentence?
Here is “economy” used in a sentence: “The national economy grew by two percent last year.”
What part of speech is “economy”?
“Economy” is a noun.
Where does the word “economy” come from?
The word “economy” comes from Greek. From Greek oikonomía, "household management," from oîkos ("house") plus némō ("to manage" or "allocate") — the word originally described running a household well before it grew to mean running a whole economy.
Is “economy” a common word?
“Economy” is a very common word in modern English, usually learned at around the B1 level.
How many meanings does “economy” have?
“Economy” has 3 distinct senses listed in this dictionary. The most common is: the system of production, trade, and consumption within a country, region, or community.
What is the difference between the economy and economics?
The economy is the real-world system through which a place produces, trades, and consumes goods and services. Economics is the academic subject that studies how that system works. Put simply, the economy is the thing itself; economics is the study of it — one is the machine, the other the science.
What are the main types of economies?
Economists usually describe four broad types. A market economy is driven by private supply and demand; a command or planned economy is controlled by the government; a traditional economy runs on custom and barter; and a mixed economy — the most common today — blends market freedom with government involvement.
What is the difference between the economy and the stock market?
The economy is the whole system of production, jobs, and spending across a country. The stock market is just one part of it, reflecting the value investors place on listed companies. Share prices can rise while the wider economy struggles, so the two do not always move together.
Why is the economy important?
The health of the economy shapes almost everything in daily life — whether jobs are available, how much wages buy, and the prices of goods and services. A strong economy tends to raise living standards, while a weak one can bring unemployment and hardship, which is why governments watch it closely.
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