Definition of economy noun from the Oxford Advanced Learner's Dictionary



    BrE BrE//ɪˈkɒnəmi//
    ; NAmE NAmE//ɪˈkɑːnəmi//
    (pl. economies) International relations, Economy
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  1. 1  (also the economy) [countable] the relationship between production, trade and the supply of money in a particular country or region The economy is in recession. the world economy a market economy (= one in which the price is fixed according to both cost and demand) CollocationsThe economyManaging the economy handle/​run/​manage the economy boost investment/​spending/​employment/​growth stimulate demand/​the economy/​industry cut/​reduce investment/​spending/​borrowing reduce/​curb/​control/​keep down inflation create/​fuel growth/​demand/​a boom/​a bubble encourage/​foster/​promote/​stimulate/​stifle innovation/​competition encourage/​work with/​compete with the private sector increase/​boost/​promote US/​agricultural exports ban/​restrict/​block cheap/​foreign imports the economy grows/​expands/​shrinks/​contracts/​slows (down)/recovers/​improves/​is booming enjoy an economic/​housing/​property boomEconomic problems push up/​drive up prices/​costs/​inflation damage/​hurt/​destroy industry/​the economy cause/​lead to/​go into/​avoid/​escape recession experience/​suffer a recession/​downturn fight/​combat inflation/​deflation/​unemployment cause/​create inflation/​poverty/​unemployment create/​burst a housing/​stock market bubble cause/​trigger a stock market crash/​the collapse of the banking system face/​be plunged into a financial/​an economic crisis be caught in/​experience cycles of boom and bustPublic finance cut/​reduce/​slash/​increase/​double the defence/(especially US English) defense/​education/​aid budget increase/​boost/​slash/​cut public spending increase/​put up/​raise/​cut/​lower/​reduce taxes raise/​cut/​lower/​reduce interest rates ease/​loosen/​tighten monetary policy balance the (state/​federal) budget achieve/​maintain a balanced budget run a ($4 trillion) budget deficit/​surplus collocations at politics, vote see also consumer economy, sharing economy Wordfinderafford, bank, bankrupt, capital, economy, expense, finance, invest, money, profit See related entries: International relations, Economy
  2. 2  [countable] a country, when you are thinking about its economic system Ireland was one of the fastest-growing economies in Western Europe in the 1990s. See related entries: Economy
  3. 3  [countable, uncountable] the use of the time, money, etc. that is available in a way that avoids waste We need to make substantial economies. It's a false economy to buy cheap clothes (= it seems cheaper but it is not really since they do not last very long). She writes with a great economy of words (= using only the necessary words). (British English) We're on an economy drive at home (= trying to avoid waste and spend as little money as possible). Buy the large economy pack (= the one that gives you better value for money). to fly economy (class) (= by the cheapest class of air travel) an economy fare (= the cheapest)
  4. Word Originlate 15th cent. (in the sense ‘management of material resources’): from French économie, or via Latin from Greek oikonomia ‘household management’, based on oikos ‘house’ + nemein ‘manage’. Current senses date from the 17th cent.Extra examples A downturn in the economy is affecting many small businesses. A small manufacturing sector inhibits growth in the economy. Agriculture was the backbone of the economy. Bigger markets can provide significant economies of scale. Buying cheap shoes is a false economy. Cuba should have been able to diversify its economy. Drivers are needed in all sectors of the economy. Each party has its own strategy for building a strong economy. Government measures to slow the economy failed to curb fuel demand growth. In order for our bubble economy to continue expanding, Americans must continue spending. Income from this exported crop drove the economy of Mali. It has been a while since the economy experienced a deep economic downturn. It was impressive to see her economy of movement as she worked the machine. It’s the industry which keeps our national economy moving. Japan has successfully modernized its economy. Large firms can benefit from economies of scale. Savings are being planned as part of a huge economy drive. Should we be worried that a dollar crisis threatens the economy? The South African economy emerged from decades of international isolation. The black economy booms when there is high unemployment. The company has improved the fuel economy of all its vehicles. The economy is functioning very poorly. The economy is humming along at a healthy 4% pace. The government devalued the currency to try to revive the flagging economy. The government has been criticized over the state of the economy. The government was accused of failing to run the economy competently. The region has an economy based on services and finance. This massive retailer has been shaping the economy for a decade. Tourism clearly dominates the local economy. Transport workers are employed in all sectors of the economy. We could achieve major economies in time with this new machinery. We want to support the local economy. a modern industrial economy possible economies in telephone costs the increasingly competitive global economy
See the Oxford Advanced American Dictionary entry: economy