Economy | Mean of economy in English Dictionary

/ɪˈkɑːnəmi/

• Noun
• the process or system by which goods and services are produced, sold, and bought in a country or region
1. The war altered the country's economy.
2. An increase in tourism will help the city's economy.
3. We currently have a strong/weak economy. [=many/few goods and services are being produced, sold, and bought]
4. the Mexican economy = Mexico's economy
5. the world/global economy
6. the region's fishing/information/retail economy
7. People are worried about (the state of) the economy. [=their country's economy]
8. changes in the economy
• careful use of money, resources, etc.
1. We must learn to practice economy.
2. a writer known for her economy of language [=her careful use of language; her use of only the words that are most necessary]
3. cars with better fuel economy [=cars that use less fuel]
• something that makes it possible for you to spend less money
1. We'll also benefit from the economies provided by more efficient energy sources.
2. Mass production creates economies of scale. [=situations in which it costs less to produce something because you are producing a lot at one time]
3. Using cheap materials proved to be a false economy. [=it cost less at first but resulted in more money being spent later]
4. It would be false economy to repair the leak without replacing the pipe.

• designed to cost less money
1. an economy car [=a car that costs less to buy, drive, maintain, etc.]
2. an economy class ticket [=the least expensive kind of airline ticket]
3. an economy-size bottle/bag/box [=a large bottle/bag/box that you buy for less money than it would cost to get the same amount in several smaller containers]