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economy definition

econo·my (i känə mē, ē-)

noun pl. economies -·mies

  1. the management of the income, expenditures, etc. of a household, business, community, or government
    1. careful management of wealth, resources, etc.; avoidance of waste by careful planning and use; thrift or thrifty use
    2. restrained or efficient use of one's materials, technique, etc., esp. by an artist
    3. an instance of such management or use, or a way of economizing
  2. an orderly management or arrangement of parts; organization or system the economy of the human body
    1. a system of producing, distributing, and consuming wealth
    2. the condition of such a system a healthy economy

Etymology: L oeconomia < Gr oikonomia, management of a household or state, public revenue < oikonomos, manager < oikos, house (see eco-) + -nomia, -nomy

adjective

  1. costing less than the standard or traditional kind an economy car, an economy flight
  2. providing more of a product at a lower unit price an economy package

Webster's New World College Dictionary Copyright © 2009 by Wiley Publishing, Inc., Cleveland, Ohio.
Used by arrangement with John Wiley & Sons, Inc.

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