economy[i kän′ə mē, ē-]
- The definition of economy is inexpensive.
An example of economy is a low priced car that gets excellent mileage on a gallon of gas.
- Economy is defined as the management of financial matters for a community, business or family.
An example of economy is the stock market system in the United States.
The stock markeet is a part of our economy.
- the management of the income, expenditures, etc. of a household, business, community, or government
- careful management of wealth, resources, etc.; avoidance of waste by careful planning and use; thrift or thrifty use
- restrained or efficient use of one's materials, technique, etc., esp. by an artist
- an instance of such management or use, or a way of economizing
- an orderly management or arrangement of parts; organization or system: the economy of the human body
- a system of producing, distributing, and consuming wealth
- the condition of such a system: a healthy economy
Origin of economyClassical Latin oeconomia ; from Classical Greek oikonomia, management of a household or state, public revenue ; from oikonomos, manager ; from oikos, house (see eco-) + -nomia, -nomy
- costing less than the standard or traditional kind: an economy car, an economy flight
- providing more of a product at a lower unit price: an economy package
- a. Careful, thrifty management of resources, such as money, materials, or labor: learned to practice economy in making out the household budget.b. An example or result of such management; a saving.
- a. The system or range of economic activity in a country, region, or community: Effects of inflation were felt at every level of the economy.b. A specific type of economic system: an industrial economy; a planned economy.
- An orderly, functional arrangement of parts; an organized system: “the sense that there is a moral economy in the world, that good is rewarded and evil is punished” (George F. Will).
- Efficient, sparing, or conservative use: wrote with an economy of language.
- The least expensive class of accommodations, especially on a commercial conveyance, such as an airplane.
- Theology The method of God's government of and activity within the world.
Origin of economyMiddle English yconomye, management of a household, from Latin oeconomia, from Greek oikonomiā, from oikonomos, manager of a household : oikos, house; see weik-1 in Indo-European roots + nemein, to allot, manage; see nem- in Indo-European roots.
- Effective management of the resources of a community or system.
- Collective focus of the study of money, currency and trade, and the efficient use of resources.
- Frugal use of resources.
- The system of production and distribution and consumption. The overall measure of a currency system; as the national economy.
- (theology) The method of divine government of the world.
- (archaic) Management of one’s residency.
From Latin oeconomia, from Ancient Greek οἰκονομία (oikonomia, “management of a household, administration”), from οἶκος (oikos, “house”) + νόμος (nomos, “law”) (surface analysis eco- + -nomy). The first recorded sense of the word economy, found in a work possibly composed in 1440, is “the management of economic affairs”, in this case, of a monastery.