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ECONOMY

Pronunciation (US): 

 Dictionary entry overview: What does economy mean? 

ECONOMY (noun)
  The noun ECONOMY has 4 senses:

1. the system of production and distribution and consumption
2. the efficient use of resources
3. frugality in the expenditure of money or resources
4. an act of economizing; reduction in cost

  Familiarity information: ECONOMY used as a noun is uncommon.


 Dictionary entry details 


ECONOMY (noun)


Sense 1economy [BACK TO TOP]

Meaning:

The system of production and distribution and consumption

Classified under:

Nouns denoting groupings of people or objects

Synonyms:

economic system; economy

Hypernyms ("economy" is a kind of...):

scheme; system (a group of independent but interrelated elements comprising a unified whole)

Meronyms (parts of "economy"):

sector (a body of people who form part of society or economy)

black economy (a hidden sector of the economy where private cash transactions go unreported)

Hyponyms (each of the following is a kind of "economy"):

industrialism (an economic system built on large industries rather than on agriculture or craftsmanship)

free enterprise; 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)


Sense 2economy [BACK TO TOP]

Meaning:

The efficient use of resources

Classified under:

Nouns denoting cognitive processes and contents

Context example:

economy of effort

Hypernyms ("economy" is a kind of...):

efficiency (skillfulness in avoiding wasted time and effort)


Sense 3economy [BACK TO TOP]

Meaning:

Frugality in the expenditure of money or resources

Classified under:

Nouns denoting attributes of people and objects

Synonyms:

thriftiness; economy

Context example:

the Scots are famous for their economy

Hypernyms ("economy" is a kind of...):

frugality; frugalness (prudence in avoiding waste)


Sense 4economy [BACK TO TOP]

Meaning:

An act of economizing; reduction in cost

Classified under:

Nouns denoting acts or actions

Synonyms:

saving; economy

Context examples:

it was a small economy to walk to work every day / there was a saving of 50 cents

Hypernyms ("economy" is a kind of...):

action (something done (usually as opposed to something said))

Hyponyms (each of the following is a kind of "economy"):

curtailment; downsizing; retrenchment (the reduction of expenditures in order to become financial stable)

economy of scale (the saving in cost of production that is due to mass production)


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