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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 statefinancial management
   • ▪ a particular system or stage of an economy: "a free-market economy"
   • 2. careful management of available resources: "even heat distribution and fuel economy" Similar thriftprovidenceprudencethriftinesscanninesscarefulnesscaregood managementgood husbandrycareful budgetingeconomizingsavingscrimping and savingscrimpingrestraintfrugalityfuel-savingabstemiousnessmeannesspenny-pinchingmiserlinessniggardlinessparsimonyforehandednessinformal:stinginessrare:sparingnessfrugalnessOpposite extravagance
   • ▪ sparing or careful use of something: "economy of words" Similar thriftprovidenceprudencethriftinesscanninesscarefulnesscaregood managementgood husbandrycareful budgetingeconomizingsavingscrimping and savingscrimpingrestraintfrugalityfuel-savingabstemiousnessmeannesspenny-pinchingmiserlinessniggardlinessparsimonyforehandednessinformal:stinginessrare:sparingnessfrugalnessOpposite extravagance
   • ▪ a financial saving: "there were many economies to be made by giving up our offices in Manhattan"
   • ▪ the cheapest class of air or rail travel: "we flew economy"

   adjective

   • 1. (of a product) offering the best value for the money: "an economy pack"
   • ▪ designed to be economical to use: "an economy car"

   Word Origin late 15th century (in the sense ‘management of material resources’): from French économie, or via Latin from Greek oikonomia ‘household management’, based on oikos ‘house’ + nemein ‘manage’. Current senses date from the 17th century.

   Scrabble Points: 14

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2. People also ask

   What is a mixed economy?

   • A mixed economy is a largely market-based capitalist economy consisting of both private and public ownership of the means of production and economic interventionism through macroeconomic policies intended to correct market failures, reduce unemployment and keep inflation low. The degree of intervention in markets varies among different countries.

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   What if the economic model changes?

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   What happens when the economy is weak?

   • When the economy is weak, our diplomatic image too weakens. In the 80s, there was no mention of India in newspapers in England. The only exception was a news report about an elephant, brought for the Asian Games from Kerala, not being treated properly (smiles). There was no news about the Asian Games in the papers. That has changed now.

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