# economy

Pronunciation: US say "ee-KO-nuh-mee" /iːˈkɑ.nə.mi/; UK say "i-KO-nuh-mee" /ɪˈkɒ.nə.mi/

## Noun

1. The system by which a country produces, distributes, and consumes goods and services, together with the overall measure of its financial activity.
   - Simple: The way a country makes, sells, and uses goods and money.
   - _The national economy expanded by three percent following the trade agreement._
   - _Economists worry that rising debt could destabilize the entire economy._
2. Careful, sparing use of money, materials, or other resources in order to avoid waste.
   - Simple: Careful use of money or things so you do not waste them.
   - _The factory achieved real economy by reusing its scrap metal._
   - _Wartime rationing taught a whole generation the habit of economy._
3. The section of a commercial airplane or train set aside for passengers paying the lower standard fares.
   - Simple: The cheaper seating area on a plane or train, with lower-priced tickets.
   - _He upgraded from economy to business class using his frequent-flyer miles._
   - _Economy was fully booked, so the airline offered him an upgrade._

## Adjective

4. Inexpensive to buy or to run; designed to save money and give good value, often by leaving out extras.
   - Simple: Costing less money to buy or to use, made to help you save money.
   - _The economy range of appliances appeals to budget-conscious buyers._
   - _They chose the economy package because it offered the best value._

## Adverb

6. By means of or in the section of a commercial airplane reserved for passengers paying the lower standard fares.
   - Simple: By traveling in the cheaper, lower-fare section of a plane.
   - _She prefers to fly economy and spend the savings on her vacation._
   - _The whole team traveled economy, even the company's chief executive._

## Noun

5. The discipline that examines money, currency, and trade, together with the efficient management of resources. *(dated)*
   - Simple: The study of how money, trade, and resources are used.
7. The management and regulation of the affairs and resources of a household, state, or institution. *(obsolete)*
   - Simple: The management of a home, country, or organization and its resources.
8. An ordered system of rules and regulations together with the rites and ceremonies that go with them. *(obsolete)*
   - Simple: A set of rules, rites, and ceremonies that make up a system.
9. The arrangement or organization of the parts of a work. *(obsolete)*
   - Simple: The way the parts of a work are arranged and put together.
10. Nature's regular operation in the generation, nutrition, and preservation of plants and animals. *(obsolete)*
   - Simple: The regular workings of nature in growing, feeding, and keeping animals and plants alive.
   - _The naturalist's book described the economy of the forest in loving detail._
   - _He saw in every meadow the quiet economy of growth and decay._

## Other meanings

- (noun) The method by which God governs and orders the world.

## Origin

This word came into Middle English (as 'yconomye') from Latin 'oeconomia', borrowed via Old French or Medieval Latin, ultimately from Ancient Greek 'oikonomía' meaning 'management of a household', formed from 'oîkos' (house) plus 'némō' (to distribute or allocate). Its earliest recorded English sense, in a work possibly written in 1440, was the management of economic affairs.

Source: DictionaryAI, https://dictionaryai.com/define/economy (written from Wiktionary data, CC BY-SA 4.0: https://creativecommons.org/licenses/by-sa/4.0/).