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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"
Dec 15, 2023 · The economy is the total of all activities related to the production, sale, distribution, exchange, and consumption of limited resources by a group of...
Apr 19, 2024 · economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by.
Apr 4, 2024 · An economy is a system of production and consumption activities that determines how resources are allocated among all of its participants. Learn how it works.
ECONOMY meaning: 1 : the process or system by which goods and services are produced, sold, and bought in a country or region; 2 : careful use of money, resources, etc.
noun. uk / iˈkɒn.ə.mi / us / iˈkɑː.nə.mi / economy noun (SYSTEM) Add to word list. B2 [ C ] the system of trade and industry by which the wealth of a country is made and used: global economy Technology companies are driving the global economy. the German /US economy. the state of the economy Investors remain cautious about the state of the economy.
, plural e·con·o·mies. the complex of activities related to the consumption, production, and trade of goods and services, as an ongoing functioning system: Further inflation would seriously endanger the national economy. Usually the economy. the general state of these activities at a particular time and in a certain country, region, etc.:
Explainers. What is the economy? The economy is a system for distributing limited resources. Confused? Keep reading. What’s your role in the economy? How can you tell if the economy is doing well or badly? What’s the Bank of England’s role? This page was last updated on 17 March 2020. Economists say economics is the study of scarcity.
