- 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.Licensed from iStockPhoto
- 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: Classical Latin oeconomia ; from Classical Greek oikonomia, management of a household or state, public revenue ; from oikonomos, manager ; from oikos, house (see eco-) plush -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
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noun pl. e·con·o·mies
- 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 an airplane.
- Theology The method of God's government of and activity within the world.
Origin: Middle 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.Word History: Managing an economy has at least an etymological justification. The word economy can be traced back to the Greek word oikonomos, “one who manages a household,” derived from oikos, “house,” and nemein, “to manage.” From oikonomos was derived oikonomiā, which had not only the sense “management of a household or family” but also senses such as “thrift,” “direction,” “administration,” “arrangement,” and “public revenue of a state.” The first recorded sense of our word economy, found in a work possibly composed in 1440, is “the management of economic affairs,” in this case, of a monastery. Economy is later recorded in other senses shared by oikonomiā in Greek, including “thrift” and “administration.” What is probably our most frequently used current sense, “the economic system of a country or an area,” seems not to have developed until the 19th or 20th century.