Economic
/ˌiːkəˈnɒmɪk/
Definitions
2 meaningsRelating to the production, distribution, and consumption of goods and services.
/ˌiːkəˈnɒmɪk/
Relating to economics or the economy.
The economic downturn has affected many businesses.
💡 Simply: Imagine the 'economic' pie – it's all about money, jobs, and resources in a country or community. It's how we make, share, and use things we need and want. Like when the prices of toys go up or down, that’s economics at work!
👶 For kids: About money, jobs, and stuff people buy and sell.
More Examples
The country is facing significant economic challenges.
She studied economic history in college.
How It's Used
"Economic indicators are showing signs of recovery."
"The government's economic policies have been widely debated."
Using resources carefully and without waste; efficient.
/ˌiːkəˈnɒmɪk/
Efficient in terms of cost.
Solar energy provides an economic alternative to traditional power sources.
💡 Simply: When something is 'economic,' it means it's smart and uses resources wisely. Like, using coupons to save money while buying groceries is an economic way to shop. It’s about getting the most value for your money or effort.
👶 For kids: Being smart about using money or stuff.
More Examples
She made an economic decision to buy the cheaper model.
The company sought economic ways to cut expenses.
How It's Used
"Buying a hybrid car can be more economic in the long run due to fuel efficiency."
"The company aimed to find economic solutions to reduce production costs."
Idioms & expressions
economic growth
An increase in the amount of goods and services produced by a nation's economy over time.
"The country is experiencing strong economic growth."
economic climate
The current state of the economy.
"Businesses are hesitant to invest in the current economic climate."
From Greek *oikonomikos* meaning 'relating to household management'. It evolved to encompass management of resources and wealth at a broader societal level.
The term 'economic' gained prominence in the 18th and 19th centuries with the rise of classical economics and the Industrial Revolution.
Memory tip
Think of a 'house' (Greek *oikos*) and its finances.
Word Origin
"house, household"