Definition of economy noun from the Oxford Advanced American Dictionary

        

    economy

     noun
    noun
    NAmE//ɪˈkɑnəmi//
     
    (pl. economies)
     
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  1. 1 the economy [countable] the relationship between production, trade, and the supply of money in a particular country or region The economy is in a recession. the world economy a market economy (= one in which the price is fixed according to both cost and demand) see also consumer 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.
  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). 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. Topic 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 U.S./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 defense/education budget increase/boost/slash/cut public spending increase/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 ⇨ more collocations at politics, voting
See the Oxford Advanced Learner's Dictionary entry: economy