Word: Economic

Pronunciation

/ˌiːkəˈnɑːmɪk/

Definitions

• Adjective: Relating to the economy, the system of production and management of resources and wealth in a country or region. It often pertains to financial matters, efficiency, or thriftiness. Example: “The government implemented various economic policies to stimulate growth.”
  • Economic theory: The study of how economies function and how resources are allocated.
  • Economic downturn: A period of reduced economic activity and trade, often referred to as a recession.
• Noun (used with ‘the’): The economy of a country or area; its financial state or status. Example: “The nation’s economic health depends on several factors such as employment rates and GDP.”

Phrases

• Economic system: The structure of production, distribution, and consumption of goods and services in a society.
• Economic growth: An increase in the production of goods and services in an economy over time.
• Economic indicators: Statistics that measure the overall state of the economy, like inflation, unemployment rate, or consumer spending.

Example Sentences

• Adjective: “They made some economic adjustments to reduce costs.”
• Noun: “The economic landscape has shifted significantly since the pandemic began.”

Synonyms

• Financial
• Fiscal
• Economical (in the sense of efficient or thrifty)
• Mercantile
• Commercial