Meaning & use
economy
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Meanings
nouncountable
The system by which a country or region produces, distributes, and consumes goods, services, and money.
Grammar: Countable: talk about 'the economy', 'an economy', or 'economies'.
Patterns
- the economy grows
- a strong economy
- the global economy
The economy is growing slowly this year.
A strong economy creates more jobs.
Tourism plays a big part in the local economy.
noununcountable
Careful and efficient use of resources, money, or words to avoid waste.
Grammar: Uncountable in this sense: 'with economy', 'great economy of language'.
Patterns
- economy of language
- with economy
- economy of effort
She writes with great economy, using only the words she needs.
The design shows economy of effort and materials.
nouncountable
A particular type or range of products offered at a cheaper price or with fewer features.
Grammar: Often used in compounds like 'economy class' or 'economy car'.
Patterns
- economy class
- economy car
We flew economy class to save money.
This is the economy model, so it doesn't have air conditioning.
Word forms
| plural | economies |
|---|
Common combinations
- global economy
- The global economy is affected by oil prices.
- economy grows
- The economy grew by 2 percent last quarter.
- economy of scale
- Larger factories benefit from economies of scale.
- economy class
- Economy class tickets are cheaper but less comfortable.
- market economy
- In a market economy, prices are set by supply and demand.
Synonyms and how they differ
- thrift
- Focuses on careful money management by individuals; 'economy' is broader and often refers to national systems.
- frugality
- Similar to thrift but more formal; 'economy' can also mean a whole country's financial system.
Opposites
Word family
- economic adjective
- Relating to trade, industry, and money.
- economical adjective
- Using money or resources without waste.
- economist noun
- A person who studies or writes about economies.
- economize verb
- To spend less or use less of something.
Commonly confused: economy or economics?
economy vs economics
Economics is the academic study of economies; economy is the system itself.
Practice
The government is trying to boost the ______ by cutting taxes.
Choose one answer.
'Economy' is the system of production and trade. 'Economics' is the study of that system; 'economical' is an adjective; 'economist' is a person.
Make it your own
Write a sentence using “economy”, then check it and compare it with the examples above.