economy

economy — noun

1. The structures and activities through which a nation produces, buys, and sells g

1.nounB1
Definition

The structures and activities through which a nation produces, buys, and sells goods and services — for example, an island economy built on farming or a city economy driven by technology.

Example

Minho found a job in his city after the local economy began to grow again.

collocation: economy grows

The new government's policies helped strengthen the national economy after years of trouble.

collocation: strengthen the economy

Common collocations
  • strong economy
  • weak economy
  • growing economy
  • local economy
  • national economy
  • global economy
  • economy grows
  • economy recovers
  • economy is booming
  • boost the economy
  • stimulate the economy
  • damage the economy
Synonyms
  • market

    focuses on the buying and selling side rather than the full production system

  • financial system

    more specific — refers to banks, investments, and money flow, not total production

  • economic system

    more formal and technical; used in academic writing

Grammar Patterns

the economy (of a place)

a/an + adjective + economy

Usage Note

Frequently modified by adjectives that describe its condition: 'booming,' 'struggling,' 'stable,' 'weak.' The definite article 'the' is almost always used when referring to a specific country's system — 'the Indian economy,' not 'an Indian economy' — unless you mean one possible system among many types.

Common Mistakes

The economy of the country is increasing.
The economy of the country is growing.
We say an economy grows, expands, strengthens, or recovers, but not 'increases.'

2. The practice of using less money, time, or materials to avoid waste — for exampl

2.nounB2
Definition

The practice of using less money, time, or materials to avoid waste — for example, turning off lights to save electricity, or buying in bulk to reduce packaging.

Example

Rachid praised his team's efforts at economy, which cut the project costs by half.

collocation: efforts at economy

The company introduced several economies, including turning off lights after office hours.

plural form: economies = specific savings

Common collocations
  • for economy
  • economy of scale
  • false economy
  • small economy
  • efforts at economy
  • introduce economies
  • make economies
  • fuel economy
Synonyms
  • thrift

    more personal and moral in tone; focuses on avoiding waste as a habit

  • frugality

    suggests a deliberate lifestyle choice to spend little

  • saving

    more concrete and everyday; often used for money

  • cutback

    implies a reduction, often after spending too much

Antonyms

Grammar Patterns

for economy

an economy (in/of something)

plural: economies (specific savings)

Usage Note

The plural 'economies' refers to specific cost-saving actions or measures. This sense is common in business writing and everyday budgeting contexts. 'False economy' is a fixed expression meaning a saving that actually costs more in the long run.

Common Mistakes

We made an economy of water by taking shorter showers.
We saved water by taking shorter showers.
'Economy' as a noun meaning thrift is used in fixed patterns like 'for economy' or 'an economy,' not with the verb 'make an economy of.'

economy — adjective

Word family

Synonym discussion

Sense: noun/1

These four terms overlap but differ in scope. 'Economy' (noun/1) is the broadest — it covers all production, trade, and consumption in a region. 'Market' is narrower, focusing on the buying and selling of specific goods (e.g. 'the housing market' or 'the stock market') rather than the whole system. 'Financial system' is even more specific: it refers only to banks, loans, investments, and money flow — a part of the economy, not the whole. 'Economic system' is the most formal and technical, used in academic writing to describe a theoretical type such as capitalism or socialism. In everyday news, 'the economy' is the usual choice. For example: 'The economy grew by 3% this year' (broad), but 'The stock market hit a record high' (narrow, financial).

economy ↗marketfinancial systemeconomic system

Common collocations

Adverbs

Prepositions

Etymology

GreekLatinFrenchEnglish

The word 'economy' entered English from French 'economie', which came from Latin 'oeconomia', borrowed from Greek 'oikonomia' meaning 'household management.' The Greek root breaks into 'oikos' (house) + 'nemein' (to manage or distribute). In ancient Greece, running a household efficiently was the original meaning. Over centuries the sense broadened from a single home to the management of a whole country's resources, with the modern meaning of a national economic system solidifying during the 19th century industrialization.