Definition of economy
- an economy of information
The war altered the country's economy.
An increase in tourism will help the city's economy.
We must learn to practice economy.
We'll also benefit from the economies provided by more efficient energy sources.
It would be false economy to repair the leak without replacing the pipe.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'economy.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
In its broadest sense, the economy is the organized system of human activity involved in the production, consumption, exchange, and distribution of goods and services.
Derived from the Greek word oikonomos, meaning "one who manages a household," economy was not used in the modern sense of the economic system of a country or area until the nineteenth and twentieth centuries.
Economy also refers to the way in which resources, especially those in shortage, are managed in a competent and appropriate manner.
For example, the Industrial Revolution of the nineteenth century can probably be considered as the first time in history that goods and services were mass produced for wider consumption.
Economy is important not only because of its implications for human production and activity, but also because it has engendered one of the most studied of all disciplines: economics.
: designed to cost less money
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