economy

e|con|o|my¹ W1S3 [ıˈkɔnəmi US ıˈka:-] n plural economies

[Date: 1400-1500; : French; Origin: Greek oikonomia, from oikonomos 'manager of a house']

1.)

the system by which a country's money and goods are produced and used, or a country considered in this way

▪ a capitalist economy

▪ the slowdown in the Japanese economy

2.)

something that you do in order to spend less money

▪ The council must make economies to meet government spending targets.

▪ Not insuring your belongings is a false economy (=it is cheaper but could have bad results) .

3.) [U]

the careful use of money, time, goods etc so that nothing is wasted

▪ The gas fire was turned low for reasons of economy.

▪ The company announced that it would cut 500 jobs as part of an economy drive (=a way to save money) .

4.) economies of scale

technical the financial advantages of producing something in very large quantities

→↑black economy, ↑market economy, ↑mixed economy

economy ²

economy² adj

economy size/pack

a product that is cheaper because you are buying a larger amount