noun econ·o·my \i-ˈkä-nə-mē, ə-, ē-\

: the process or system by which goods and services are produced, sold, and bought in a country or region

: careful use of money, resources, etc.

: something that makes it possible for you to spend less money

plural econ·o·mies

Full Definition of ECONOMY

archaic :  the management of household or private affairs and especially expenses
a :  thrifty and efficient use of material resources :  frugality in expenditures; also :  an instance or a means of economizing :  saving
b :  efficient and concise use of nonmaterial resources (as effort, language, or motion)
a :  the arrangement or mode of operation of something :  organization
b :  a system especially of interaction and exchange <an economy of information>
:  the structure or conditions of economic life in a country, area, or period; also :  an economic system

Examples of ECONOMY

  1. The war altered the country's economy.
  2. An increase in tourism will help the city's economy.
  3. We must learn to practice economy.
  4. We'll also benefit from the economies provided by more efficient energy sources.
  5. It would be false economy to repair the leak without replacing the pipe.

Origin of ECONOMY

Middle French yconomie, from Medieval Latin oeconomia, from Greek oikonomia, from oikonomos household manager, from oikos house + nemein to manage — more at vicinity, nimble
First Known Use: 15th century



: designed to cost less money

Full Definition of ECONOMY

:  designed to save money <economy cars>

First Known Use of ECONOMY

circa 1906

Other Economics Terms

actuary, compound interest, globalization, indemnity, portfolio, rentier, stagflation, usurer
ECONOMY Defined for Kids


noun econ·o·my \i-ˈkä-nə-mē\
plural econ·o·mies

Definition of ECONOMY for Kids

:  the way in which goods and services are made, sold, and used in a country or area <the city's economy>
:  the careful use of money and goods :  thrift <With economy and restraint, they managed to live on their small income.>
Medical Dictionary


noun econ·o·my \i-ˈkän-ə-mē\
plural econ·o·mies

Medical Definition of ECONOMY

:  the system of operation of the processes of anabolism and catabolism in living bodies <the economy of the cell>
:  the body of an animal or plant as an organized whole <disorganizing wide segments of the body economy—Leonard Engel>
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