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English Lexicon

Economy

/ɪˈkɒn.ə.mi/
nounCEFR B1 (Intermediate)Top #350 frequency
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Comprehensive Definitions & Senses

2 senses
As noun
  1. 1

    The state of a country or region in terms of the production and consumption of goods and services and the supply of money.

    "The government implemented new policies to stimulate the national economy."
  2. 2

    Careful management of available resources, especially money, time, or materials, so as to minimize waste.

    "Switching to LED lights results in a significant economy of electricity."
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Antonyms & Contrasting Words (1)

Linguistic Origin & Historical Etymology

Derived from the ancient Greek word 'oikonomia', meaning 'household management', combining 'oikos' (house) and 'nemein' (to manage or dispense). Over centuries, the meaning expanded from managing a single household to the systemic administration and wealth generation of an entire state or country.

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