The general sense of economy is careful management of resources such as money and materials, so as not to waste them, but the more familiar reference is to a system of producing, distributing, and consuming goods and services.

The word economy derives from Greek oikonomos, "manager of a household," from oikos, "house." The earliest meaning of the adjective economical and the noun economics was also in connection with the management of a household. The earliest mention of a nation's economy was in Thomas Hobbes' Leviathan, an important work in the history of political economy.

Definitions of economy
  1. noun
    the system of production and distribution and consumption
    synonyms: economic system
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    an economic system built on large industries rather than on agriculture or craftsmanship
    free enterprise, free market, laissez-faire economy, market economy, private enterprise
    an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
    mixed economy
    an economic system that combines private and state enterprises
    non-market economy
    an economy that is not a market economy
    state capitalism
    an economic system that is primarily capitalistic but there is some degree of government ownership of the means of production
    state socialism
    an economic system in which the government owns most means of production but some degree of private capitalism is allowed
    a social and economic system based on raising and herding livestock
    capitalism, capitalist economy
    an economic system based on private ownership of capital
    managed economy
    a non-market economy in which government intervention is important in allocating goods and resources and determining prices
    type of:
    scheme, system
    a group of independent but interrelated elements comprising a unified whole
  2. noun
    frugality in the expenditure of money or resources
    “the Scots are famous for their economy
    synonyms: thriftiness
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    type of:
    frugality, frugalness
    prudence in avoiding waste
  3. noun
    the efficient use of resources
    economy of effort”
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    type of:
    skillfulness in avoiding wasted time and effort
  4. noun
    an act of economizing; reduction in cost
    “it was a small economy to walk to work every day”
    synonyms: saving
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    curtailment, downsizing, retrenchment
    the reduction of expenditures in order to become financially stable
    economy of scale
    the saving in cost of production that is due to mass production
    type of:
    something done (usually as opposed to something said)
Word Family

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