Definition, Meaning & Synonyms

economy

Noun

/ɪˈkɒnəmi/

Definition

The system by which goods and services are produced, distributed, and consumed in a society.

Examples

The economy is recovering after the recession.
Many factors can influence the global economy, such as trade policies and technological advancements.
Investing in education can strengthen an economy in the long term.

Meaning

Economy refers to the way in which a country or region organizes the production and consumption of goods and services, affecting individuals’ living standards and the flow of wealth.