Economy

Definition

Economy is a noun that refers to the system of production, distribution, and consumption of goods and services in a country or region. It also denotes careful management of available resources to avoid waste. As an adjective, it describes products or services that are designed to be affordable or cost-effective.

Parts of Speech

• Noun
• Adjective

Pronunciation

American English

• IPA Pronunciation: /ɪˈkɑːnəmi/
• Respelling: ih-KAH-nuh-mee

British English

• IPA Pronunciation: /ɪˈkɒnəmi/
• Respelling: ih-KON-uh-mee

Etymology

The word "economy" originates from the Greek "oikonomia," meaning "household management," from "oikos" (house) and "nomos" (law or management). The term evolved through Latin and Middle French, eventually entering English to denote the management of resources and systems.

Derivatives

• Economic (adjective)
• Economical (adjective)
• Economics (noun)
• Economist (noun)
• Economize (verb)

Synonyms

• Financial system
• Market
• Budgeting

Antonyms

• Extravagance
• Waste
• Inefficiency

Usage

The term "economy" is widely used to describe the structure and performance of a region’s financial system, as in "The global economy has seen rapid changes." It can also refer to measures that reduce cost, such as "The company used an economy model to save resources."

Related Terms

• Finance: The management of large sums of money, especially by governments or corporations.
• Market: A system or place where commercial dealings are conducted.
• Commerce: The activity of buying and selling, especially on a large scale.

Detailed Definitions

Noun

• The system of production, distribution, and consumption in a country or region: Refers to the complex network of financial activities and resources within a geographic area.
  • Example: "The country's economy relies heavily on tourism."
• The careful management of available resources to avoid waste: Refers to practices that optimize the use of resources for maximum efficiency.
  • Example: "They practiced economy in their use of energy."

Adjective

• Designed to be cost-effective or affordable: Describes products or services that offer good value at a lower cost.
  • Example: "They booked an economy flight to save money."