economy

Part of Speech

Noun

Pronunciation

/ɪˈkɒn.ə.mi/ (British English) | /ɪˈkɑː.nə.mi/ (American English)

Definitions

1. The system of production, distribution, and consumption of goods and services in a society.
2. Efficient and careful management of resources, such as money or materials.
3. A financial savings or reduction in expenditure.

Usage Examples

• "The country's economy grew by 5% last year."
• "She practiced economy by shopping for discounts."
• "A fuel-efficient car is a good economy choice."

Etymology

Derived from the Greek word 'oikonomia' meaning 'household management,' later adapted into Latin as 'oeconomia' and then into English as 'economy.'

Synonyms

• Financial system
• Frugality
• Resource management
• Budgeting

Antonyms

• Waste
• Extravagance
• Inefficiency

Translations

Regional Pronunciation Variations

• British English: /ɪˈkɒn.ə.mi/
• American English: /ɪˈkɑː.nə.mi/

Historical Usage

The term "economy" was historically used to describe household management before evolving into a broader term for national and global financial systems.

Cultural Nuances

Different cultures emphasize various aspects of the economy. Some prioritize wealth accumulation, while others focus on sustainable resource management and communal living.

More Information

The concept of an economy plays a central role in human civilization, governing trade, employment, and financial stability. Modern economies are categorized as market, mixed, or command economies. Economic policies impact inflation, job creation, and technological advancements. In personal finance, economy refers to smart budgeting and avoiding unnecessary expenses.