Definition: Economy
Etymology
From Middle English yconomye, yconomy, borrowed via Old French or Medieval Latin from Latin oeconomia, from Ancient Greek οἰκονομία or oikonomía (management of a household, administration), from οἶκος or oîkos (house) + νέμω or némō (distribute, allocate) (surface analysis eco- + -nomy). The first recorded sense of the word economy, found in a work possibly composed in 1440, is “the management of economic affairs,” in this case, of a monastery.
Noun
economy (countable and uncountable, plural economies)
- Effective management of a community or system, or especially its resources.
- The study of money, currency and trade, and the efficient use of resources.
- Frugal use of resources.
- economy of word
- The system of production and distribution and consumption. The overall measure of a currency system; as the national economy.
- Many newspapers kept a close eye on the American economy, but only started publishing information about the cryptocurrency economy in the mid 2010s despite it having been invented in 2009.
- (theology) The method of divine government of the world.
- The part of a commercial passenger airplane or train reserved for those paying the lower standard fares; economy class.
Derived terms
- circular economy
- economic
- economical
- economist
- gift economy
- gig economy
- market economy
- mixed economy
- natural economy
- peer-to-peer economy
- service economy
- token economy
- transition economy
Related terms
- economics
- macroeconomics
- microeconomics
Adjective
economy (not comparable)
- Cheap to run; using minimal resources; representing good value for money; economical.
- He bought an economy car.
- We stayed in an economy lodge because it was cheaper than a hotel.
Adverb
economy (not comparable)
- In or via the part of a commercial passenger airplane reserved for those paying the lower standard fares.
- Numerous web sites have tips on how to fly economy.
Credits
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