What does economy mean?

Definitions for economy
ɪˈkɒn ə miecon·o·my

This dictionary definitions page includes all the possible meanings, example usage and translations of the word economy.

Princeton's WordNet

  1. economy, economic systemnoun

    the system of production and distribution and consumption

  2. economynoun

    the efficient use of resources

    "economy of effort"

  3. economy, thriftinessnoun

    frugality in the expenditure of money or resources

    "the Scots are famous for their economy"

  4. economy, savingnoun

    an act of economizing; reduction in cost

    "it was a small economy to walk to work every day"; "there was a saving of 50 cents"


  1. economynoun

    Effective management of the resources of a community or system.

  2. economynoun

    Collective focus of the study of money, currency and trade, and the efficient use of resources.

  3. economynoun

    Frugal use of resources.

  4. economynoun

    The system of production and distribution and consumption. The overall measure of a currency system; as the national economy.

  5. economynoun

    The method of divine government of the world.

  6. economynoun

    Management of one's residency.

  7. economyadjective

    Cheap to run; using minimal resources; representing good value for money.

  8. Etymology: From oeconomia, from οἰκονομία, from οἶκος + νόμος (surface analysis). The first recorded sense of the word economy, found in a work possibly composed in 1440, is “the management of economic affairs”, in this case, of a monastery.

Samuel Johnson's Dictionary

  1. ECONOMYnoun

    Etymology: ὀιϰονομία.

    By St. Paul’s economy the heir differs nothing from a servant, while he is in his minority; so a servant should differ nothing from a child in the substantial part. Jeremy Taylor, Rule of living holy.

    Particular sums are not laid out to the greatest advantage in his economy; but are sometimes suffered to run waste, while he is only careful of the main. John Dryden, State of Innocence, Preface.

    I have no other notion of economy, than that it is the parent of liberty and ease. Jonathan Swift, to Lord Bolingbroke.

    All the divine and infinitely wise ways of economy that God could use towards a rational creature, oblige mankind to that course of living which is most agreeable to our nature. Henry Hammond.

    In the Greek poets, as also in Plautus, we shall see the economy and disposition of poems better observed than in Terence. Ben Jonson, Discoveries.

    If this economy must be observed in the minutest parts of an epick poem, what soul, though sent into the world with great advantages of nature, cultivated with the liberal arts and sciences, can be sufficient to inform the body of so great a work? John Dryden, Æn. Dedication to the.

    These the strainers aid,
    That, by a constant separation made,
    They may a due economy maintain,
    Exclude the noxious parts, the good retain. Richard Blackmore, Creat.


  1. Economy

    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 scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain. Economic activity is spurred by production which uses natural resources, labor and capital. It has changed over time due to technology, innovation (new products, services, processes, expanding markets, diversification of markets, niche markets, increases revenue functions) such as, that which produces intellectual property and changes in industrial relations (most notably child labor being replaced in some parts of the world with universal access to education).


  1. economy

    An economy refers to the system or structure of production, distribution, and consumption of goods and services among individuals, businesses, and governments in a certain region. It involves activities related to how resources such as money, industry, and trade are managed. This can occur on various scales, ranging from local, national to international levels. Economies influence and are influenced by various factors such as culture, policies, geography and history. Economic systems are typically categorized into four types: traditional, command, market, and mixed.

Webster Dictionary

  1. Economynoun

    the management of domestic affairs; the regulation and government of household matters; especially as they concern expense or disbursement; as, a careful economy

  2. Economynoun

    orderly arrangement and management of the internal affairs of a state or of any establishment kept up by production and consumption; esp., such management as directly concerns wealth; as, political economy

  3. Economynoun

    the system of rules and regulations by which anything is managed; orderly system of regulating the distribution and uses of parts, conceived as the result of wise and economical adaptation in the author, whether human or divine; as, the animal or vegetable economy; the economy of a poem; the Jewish economy

  4. Economynoun

    thrifty and frugal housekeeping; management without loss or waste; frugality in expenditure; prudence and disposition to save; as, a housekeeper accustomed to economy but not to parsimony


  1. Economy

    An economy consists of the economic system in a certain region, comprising the production, distribution or trade, and consumption of goods and services in that region or country. An economy is the total aggregate sum of all transactions of value between two agents, such as one individual to one other individual, or between groups of individual activity, such as in organizations to other organizations, and between one nation and another nation. Transactions only occur when both parties agree to the value, commonly expressed in some currency, or price. Then and only then is the sale of good or service acted on in the transaction. An economy represents the diverse activity of all agents engaged in the production of valuable goods and services for other agents in the economy. In the past, economic activity was theorized to be bounded by natural resources, labor, and capital. This view ignores the value of technology, and creativity, especially that which produces intellectual property.

Chambers 20th Century Dictionary

  1. Economy

    ek-on′o-mi, n. the management of a household or of money matters: a frugal and judicious expenditure of money: a system of rules or ceremonies: a dispensation, as 'the Christian economy:' regular operations, as of nature.—adjs. Econom′ic, -al, pertaining to economy: frugal: careful.—adv. Econom′ically.—ns. Econom′ics, the science of household management: political economy; Economisā′tion, act of economising.—v.i. Econ′omise, to manage with economy: to spend money carefully: to save.—v.t. to use prudently: to spend with frugality.—ns. Economī′ser, Econ′omist, one who is economical: one who studies political economy.—Political economy (see under Politic). [L. œconomia—Gr. oikonomiaoikos, a house, nomos, a law.]

The Nuttall Encyclopedia

  1. Economy

    "the right arrangement of things," and distinct from Frugality, which is "the careful and fitting use of things."

The Foolish Dictionary, by Gideon Wurdz


    Denying ourselves a necessary to-day in order to buy a luxury to-morrow.

Dictionary of Nautical Terms

  1. economy

    A term expressive of the system and internal arrangement pursued in a ship.

Military Dictionary and Gazetteer

  1. economy

    In a military sense, implies the minutiæ or interior regulations of a regiment, troop, or company. Hence regimental economy.

Editors Contribution

  1. economy

    The efficient use of resources.

    They used their washing machine on the economy setting.

    Submitted by MaryC on March 2, 2020  

  2. economy

    The vision, creation, management, planning, organizing and reviewing of the structures, systems and technologies of local, regional, national, european and international resources, education, skills, training, employment, finance, income, expenditure and forecast of a person, family, household, community, business, company, enterprise, organization, form of unity assembly, unity council, unity legislature, unity senate, house of representatives, unity government, local unity government, regional unity government, national unity government, european unity government and international unity government or jurisdiction.

    The economy was moving forward and changing every day.

    Submitted by MaryC on March 4, 2020  

Suggested Resources

  1. Economy

    Economize vs. Economy -- In this Grammar.com article you will learn the differences between the words Economize and Economy.

Surnames Frequency by Census Records


    According to the U.S. Census Bureau, Economy is ranked #51941 in terms of the most common surnames in America.

    The Economy surname appeared 400 times in the 2010 census and if you were to sample 100,000 people in the United States, approximately 0 would have the surname Economy.

    96% or 384 total occurrences were White.
    2% or 8 total occurrences were of Hispanic origin.
    1.5% or 6 total occurrences were of two or more races.

Matched Categories

British National Corpus

  1. Spoken Corpus Frequency

    Rank popularity for the word 'economy' in Spoken Corpus Frequency: #939

  2. Written Corpus Frequency

    Rank popularity for the word 'economy' in Written Corpus Frequency: #1547

  3. Nouns Frequency

    Rank popularity for the word 'economy' in Nouns Frequency: #360

How to pronounce economy?

How to say economy in sign language?


  1. Chaldean Numerology

    The numerical value of economy in Chaldean Numerology is: 5

  2. Pythagorean Numerology

    The numerical value of economy in Pythagorean Numerology is: 9

Examples of economy in a Sentence

  1. Somsak Roongsita:

    The reopening will help stimulate the economy and ease some financial burdens.

  2. Joseph Capurso:

    The minutes are likely to reiterate that the U.S. economy is 'solid' and that current monetary policy settings are 'appropriate', which would support the dollar.

  3. Andre Bakhos:

    The nearer-term picture is, consumers are enjoying lower gas prices, it's almost as if it is an alleviation of taxes, someone is getting hurt in this while the consumer is benefiting, and at some point it could come back to bite the market and the economy.

  4. Jerome Powell:

    My only motivation is to do the right thing for the economy and the American people. That's it, the situation calls for patience ; I think it does. That stance of policy is appropriate. We see these uncertainties. We see a time where we have the luxury of being able to wait.

  5. Eric Garcetti:

    The continuing, record-breaking growth and strength of tourism in Los Angeles is a shining light for our economy, creating good-paying jobs for our families, benefiting local businesses, and generating significant revenue for the city that goes toward the public services our city needs, angelenos should be proud that our great city is such a desired tourist destination for visitors from across the U.S. and around the world.

Popularity rank by frequency of use


Translations for economy

From our Multilingual Translation Dictionary

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"economy." Definitions.net. STANDS4 LLC, 2024. Web. 18 Jun 2024. <https://www.definitions.net/definition/economy>.

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