Economy
/ɪˈkɒnəmi/
Definitions
3 meaningsThe system of production and consumption of goods and services within a country or region.
/ɪˈkɒnəmi/
The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
The country's economy grew rapidly last year.
💡 Simply: Imagine a big team of people working together to make and share things like food, clothes, and cars. The economy is how all those things are made and used in a place!
👶 For kids: It's how a place makes and shares stuff like food and toys.
More Examples
Tourism is an important part of the local economy.
The global economy is interconnected.
How It's Used
"The global economy is facing uncertainty."
"The government's policies are aimed at boosting the economy."
The careful and efficient use of resources, such as money or time.
/ɪˈkɒnəmi/
Careful management of available resources.
The new car offers excellent fuel economy.
💡 Simply: Being smart about using what you have! Like, making a sandwich with just the right amount of peanut butter so none goes to waste. That's economy!
👶 For kids: Using things wisely so you don't waste them.
More Examples
The family made economy their priority.
They are forced to make economies due to the financial crises.
How It's Used
"They practice economy in their spending."
"The company implemented economy measures to cut costs."
A particular economic system, often characterized by specific features.
/ɪˈkɒnəmi/
A specific economic system or activity.
The transition to a digital economy is underway.
💡 Simply: It's like describing a specific way of doing things with money and jobs. Like, 'the farming economy' is about how farms and food production work in a place.
👶 For kids: It's a special way a place makes and shares things. Like, maybe all the farms in a place are its farming economy.
More Examples
The informal economy can be difficult to regulate.
They decided to invest in the emerging market economy.
How It's Used
"The black market economy thrives in times of crisis."
"A planned economy contrasts sharply with a market economy."
Synonyms & Antonyms
Synonyms
Antonyms
Idioms & expressions
the global economy
The worldwide system of production and trade.
"The global economy is heavily influenced by trade agreements."
the informal economy
Economic activity that is not taxed or monitored by a government.
"The informal economy provides jobs for many people, but it also presents challenges."
From Late Latin oeconomia, from Greek oikonomia ('household management'), from oikos ('house') + nomos ('custom' or 'law').
The term 'economy' has been used since the 16th century, originally referring to household management before broadening to encompass national and global systems.
Memory tip
Think of the 'eco' in environment, but focus on how we manage our resources and wealth.
Word Origin
"household management"