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  1. Dictionary
    e·con·o·my
    /ēˈkänəmē/

    noun

    • 1. the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. Similar wealth(financial) resourcesfinancial systemfinancial state
    • 2. careful management of available resources: "even heat distribution and fuel economy" Similar thriftprovidenceprudencethriftinessOpposite extravagance

    adjective

    • 1. (of a product) offering the best value for the money: "an economy pack"

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  3. The meaning of ECONOMY is the structure or conditions of economic life in a country, area, or period; also : an economic system. How to use economy in a sentence.

    • What Is An Economy?
    • Understanding Economies
    • Types of Economies
    • Studying Economies
    • History of The Concept of Economy

    An economy is the large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated. The production, consumption, and distribution of goods and services are used to fulfill the needs of those living and operating within the economy, which is also referred to as an economic system.

    An economy encompasses all activity related to production, consumption, and trade of goods and services in an area. These decisions are made through some combination of market transactions and collective or hierarchical decision making. Everyone from individuals to entities such as families, corporations, and governments participate in this process...

    Market-based economies allow individuals and businesses to freely exchange goods through the market, according tosupply and demand. The United State is mostly amarket economywhere consumers and producers determine what’s sold and produced. Producers own what they make and decide their own prices, while consumers own what they buy and decide how muc...

    The study of economies and the factors affecting economies is called economics. The discipline of economics can be broken into two major areas of focus,microeconomics, andmacroeconomics. Microeconomics studies the behavior of individuals and firms in order to understand why they make the economic decisions they do and how these decisions affect the...

    The word economy is Greek and means "household management." Economics as an area of study was touched on by philosophers in ancient Greece, notably Aristotle, but the modern study of economics began in 18th century Europe, particularly in Scotland and France. The Scottish philosopher and economist Adam Smith, who in 1776 wrote the famous economic b...

    • Will Kenton
    • 2 min
    • Vice President of Content
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