Meaning of “economy” in the English Dictionary

"economy" in British English

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economynoun

uk /iˈkɒn.ə.mi/ us /iˈkɑː.nə.mi/

economy noun (SYSTEM)

B2 [ C ] the system of trade and industry by which the wealth of a country is made and used:

the global economy
the German/US economy
the state of the economy
a weak/strong economy
Tourism contributes millions of pounds to the local economy.

More examples

  • The lowering of interest rates will give a much-needed boost to the economy.
  • Ten years of incompetent government had brought about the virtual collapse of the country's economy.
  • The government plans to cut taxes in order to stimulate the economy.
  • Any decrease in tourism could have a serious effect on the local economy.
  • Further increases in imports could destabilize the economy.

(Definition of “economy” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"economy" in American English

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economynoun

us /ɪˈkɑn·ə·mi/

economy noun (SYSTEM)

social studies [ C ] the system of trade and industry by which the wealth of a country or region is made and used:

Tourism contributes millions of dollars to the region’s economy.

economy noun (SAVING MONEY)

[ U ] the careful use and management of money or of time, energy, words, etc.:

For the purpose of economy, you may prefer to use a cheaper cut of meat in this recipe.

(Definition of “economy” from the Cambridge Academic Content Dictionary © Cambridge University Press)

"economy" in Business English

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economynoun

uk /ɪˈkɒnəmi/ us 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 economy
an 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 economy
a 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.

(Definition of “economy” from the Cambridge Business English Dictionary © Cambridge University Press)