economy Definition
- 1the system by which a country's money and goods are produced and used, or a country considered in this way
- 2careful use of money, goods, and resources so that nothing is wasted
Using economy: Examples
Take a moment to familiarize yourself with how "economy" can be used in various situations through the following examples!
Example
The country's economy has been growing steadily for the past decade.
Example
The government is implementing policies to boost the economy.
Example
He has a degree in economics and works in the finance sector.
Example
We need to be more mindful of our household economy and avoid unnecessary expenses.
economy Synonyms and Antonyms
Synonyms for economy
- commerce
- finance
- trade
- business
- industry
Antonyms for economy
- extravagance
- waste
- spending spree
Idioms Using economy
the economy of scale
a proportionate saving in costs gained by an increased level of production
Example
By increasing production, the company was able to achieve economies of scale and reduce its costs.
rob Peter to pay Paul
to take from one thing or person to give to another, often resulting in overall loss or damage
Example
The government's decision to cut funding from education to boost the economy is like robbing Peter to pay Paul.
throw good money after bad
to continue to invest time, money, or effort into something that is failing or unlikely to succeed
Example
The company's decision to pour more money into a failing project is like throwing good money after bad.
Phrases with economy
mixed economy
an economic system that combines elements of capitalism and socialism
Example
Many countries have adopted a mixed economy model to balance private enterprise with public welfare.
global economy
the interconnected network of economic activity that transcends national borders
Example
The pandemic has had a significant impact on the global economy, causing widespread job losses and economic downturns.
sharing economy
an economic system in which individuals share resources and services, often facilitated by technology platforms
Example
The sharing economy has disrupted traditional industries like transportation and hospitality, with companies like Uber and Airbnb leading the way.
Origins of economy
from Greek 'oikonomia', meaning 'household management'
Summary: economy in Brief
The term 'economy' [ɪˈkɒnəmi] refers to the system of producing and using a country's money and goods, or the careful use of resources. It includes concepts like 'mixed economy' and 'global economy,' as well as idioms like 'the economy of scale.' 'Economy' can also refer to personal financial management, as in 'We need to be more mindful of our household economy.'
