economic
Often confused with economical
- 1Relating to the economy (how a country or region produces, trades and uses goods, services and money) or to economics, the study of it.
The new policy is expected to boost economic activity across the region.
Analysts warned that economic instability could spread to neighboring markets.
UsageEconomic growth, policy, crisis; for something that spends little, economical is usual: an economical car.
- 2Able to pay its way: bringing in enough profit, or cutting costs enough, that an activity is worth starting or keeping up.
At current oil prices, drilling in the deep offshore fields is barely economic.
The mill reopened once higher lumber prices made it economic to run the saws again.
UsageUsually after a verb, often as it is (not) economic to + verb. Not the same as economical, which means spending little.
Similarprofitable, viable, worthwhile
Oppositeuneconomic, unprofitable
- 3Giving good value for the cost; thrifty in the use of money or resources.
The new schedule makes more economic use of staff time, so fewer hours are lost to waiting around.
By switching to thinner packaging, the company made more economic use of cardboard and cut its shipping weight.
UsageMost often in make economic use of; for people or products that save money, economical is more usual and clearer.
Similarthrifty, efficient, cheap, frugal, cost-effective
Oppositewasteful, extravagant
Less common meaning
- 4Relating to the running and management of a household and its domestic affairs.
And doth employ her Oeconomick Art, and buisy Care, her Houshold to preserve
1714, John Davies, The OriginalNote
The meaning closest to the word's roots: Greek oikonomikós meant "skilled with household management", and here the household is still the whole subject. John Davies writes of one who employs "her Oeconomick Art, and buisy Care, her Houshold to preserve" (1599, in Nahum Tate's 1714 edition). The old spelling dates the text but does not mark the sense; the household in the line does.
Practice
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Origin
Its oldest source is Ancient Greek οἰκονομικός (oikonomikós), 'skilled with household management', which Latin took as oeconomicus; Middle French economique then passed it on to English.