Definition & Meaning of "economy"

Economy

the system in which money, goods, and services are produced or distributed within a country or region

an act of economizing; reduction in cost

frugality in the expenditure of money or resources

the efficient use of resources

economy

efficient or thrifty in its use of resources, often emphasizing cost savings or reduced waste

Example

The government's policies fluctuated the economy.

The economy hit a recession last year.

The town's economy is chiefly dependent on agriculture and tourism.

The economy lags during times of recession.

Sub-Saharan economies rely on agriculture, mining, and tourism for economic growth.

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