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- DictionaryE·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.
- 2. careful management of available resources: "even heat distribution and fuel economy"
adjective
- 1. (of a product) offering the best value for the money: "an economy pack"
People also ask
What is an economy and how does it work?
What is an economy based on?
What is economy in sociology?
Where did the word economy come from?
Learn the various meanings and uses of the word economy, from the structure or conditions of economic life to the efficient use of resources. See synonyms, examples, word history, and related phrases of economy.
- What Is An Economy?
- Understanding Economies
- Types of Economies
- Studying Economies
- Economic Indicators
- History of The Concept of Economy
- The Bottom Line
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An economy is a complex system of interrelated production, consumption, and exchange activities that ultimately determines how resources are allocated among all the participants. The production, consumption, and distribution of goods and services combine to fulfill the needs of those living and operating within the economy. An economy may represent...
An economy encompasses all of the activities related to the production, consumption, and trade of goods and services in an entity, whether the entity is a nation or a small town. No two economies are identical. Each is formed according to its own resources, culture, laws, history, and geography. Each evolves according to the choices and actions of ...
In the modern world, few nations are purely market-based or purely command-based. But most lean toward one or the other of these models.
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 and macroeconomics.
As noted above, macroeconomics is the study of the big picture and that picture is incomplete without a set of economic indicators. These are some of the most closely-watched of those indicators.
The word economy derives from the Greek term for household management ("oikonomia") and the word is still used in that context. 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.
An economy is a community that is observed by an analysis of its allocation of resources. Every individual and family in the community has a contribution to make. In return, each expects a share of the goods and services provided by other members of the community. In modern times, the functioning of an economy is analyzed and quantified by economis...
An economy is a system of production, consumption, and exchange activities that allocates resources among participants. Learn about market-based, command-based, and mixed economies, and the indicators that measure their performance.
- Will Kenton
- 2 min
Learn the meaning of economy as a system of trade and industry, or as a saving of money, time, or resources. Find out how to use economy in different contexts and domains, with synonyms and collocations.
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources.
Economy definition: the complex of activities related to the consumption, production, and trade of goods and services, as an ongoing functioning system. See examples of ECONOMY used in a sentence.
Learn the meaning of economy as a noun and an adjective, with examples of usage and related terms. Find out how economy relates to production, consumption, resources, and money.
Learn the meaning, pronunciation and usage of the word economy in English. Find out the different types, topics and collocations of economy with pictures and sentences.
