ECONOMY
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)
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)
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)
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)
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)
