Pronunciation

/ɪˈkɒnəmi/

Definitions

• Noun: The system of production, distribution, and consumption of goods and services in a society or country. It can also refer to the efficient use of resources within a specific context. For example: “The country’s economy relies heavily on its oil exports.”
  • Economic (adj): Relating to the economy; financial or pertaining to the management of resources.
  • Economical (adj): Efficient in avoiding waste, especially of money or materials. For example: “The new car model is not only stylish but also economical on fuel.”

Example Sentences

• Noun: “The government implemented policies to boost the national economy.”

• “She has a degree in economics and specializes in understanding market economies.”

• Adjective (economic): “The economic growth of the region was unprecedented this year.”

• “There is a need for sustainable economic development to ensure long-term prosperity.”

• Adjective (economical): “Choosing reusable products is an economical and environmentally friendly option.”

• “He chose the smaller house because it was more economical to maintain.”

Phrases

• “Economy class”: The cheaper and less luxurious category of travel, usually referring to airline tickets or train compartments.
• “Domestic economy”: The economic activities taking place within a country.
• “Global economy”: The interconnected worldwide system of trade, finance, and production.
• “In good/bad economic times”: Refers to periods of prosperity or hardship in an economy.

Synonyms

• Finances
• Market
• Trade
• Commerce
• Industry
• Resources management
• Fiscal affairs
• Economic system
• Economy class (specifically for transportation)