economy

I UK [ɪˈkɒnəmɪ] / US [ɪˈkɑnəmɪ] noun
Word forms "economy":
singular economy plural economies
***

1) [countable] the system by which a country's trade, industry, and money are organized

a modern industrial economy

the high-growth economies of Southeast Asia

a market/capitalist/planned economy

a) the whole of a country's business, industry, and trade, and the money that they produce

Between 1982 and 1988 the economy grew at an average of about 3 per cent per year.

boost/stimulate/revive the economy (= make it stronger):

The government has promised to boost the flagging economy.

b) a country considered as an economic system

three of the fastest-growing economies in the Asia-Pacific region

2) [uncountable] the careful use of money, products, or time so that very little is wasted

In those days, fuel economy was a central factor in car design.

The audit will concentrate on the economy and efficiency of production.

a) [uncountable] the use of the smallest number of words or movements needed to express or do something well

economy of:

The play achieves its effects with a terrific economy of language.

b) economies

[plural] ways of saving money make economies:

I'm sure, if we make a few economies, we'll be able to afford it.

See:

economies of scale

3) [uncountable] tourism the cheapest seats on a plane

•

(a) false economy — something that seems to save money but will really make you spend more

Buying cheap tools is a false economy.

II UK [ɪˈkɒnəmɪ] / US [ɪˈkɑnəmɪ] adjective [only before noun]

1) economy travel is the cheapest type of air travel available

2) economy goods are cheaper than normal goods, usually because you are buying larger quantities

an economy pack of soap powder

Try the new economy size.