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English definition of “economy”

economy

noun
 
 
/ɪˈkɒnəmi/ (plural economies)
[C] ECONOMICS the system of making money and producing and distributing goods and services within a country or region: On average, China accounts for almost half of the total export growth of East Asian economies. The property and construction industries are no longer as dominant in the economy as they used to be. India has one of the fastest-growing economies in the world.the global/national/local economy Political leaders expressed concern at the effect of increasing oil prices on the global economy. a booming/strong/robust economy a slowing/weak/stagnant economyan emerging/a developing/a developed economy Hong Kong, Singapore, South Korea, and Taiwan are often categorized as emerging economies.stimulate/boost/jump-start the economy New legislation has boosted the rural economy as well as supporting local communities.an economy grows/slows/recovers In the year to the second quarter of 2007, the UK economy grew by 3.1%. a knowledge-/service-/cash-based economya slowdown/downturn in the economy The Society of Motor Manufacturers and Traders said the decline in sales reflected the downturn in the economy.
[C or U] the fact of not spending more money, using more resources, etc. than you need to: Many manufacturing processes have been outsourced to Eastern Europe for reasons of economy. Higher licence fees can tempt commercial organizations to make economies on service quality.
[U] TRANSPORT →  economy class: Executives at the firm now fly economy, rather than club class.
a false economy something that seems to be a good way of saving money but is not: Going abroad without travel insurance is a false economy if you are ill and need costly medical treatment.
→ See also the black economy, bubble economy, command economy, dual economy, exchange economy, experience economy, free economy, fuel economy, the global economy, Goldilocks economy, informal economy, information economy, knowledge economy, managed economy, market economy, mixed economy, the new economy, parallel economy, planned economy, political economy, real economy, service economy, the shadow economy, subsistence economy
(Definition of economy from the Cambridge Business English Dictionary © Cambridge University Press)
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