n.
(pl. economies)
- the state of a country or area in terms of the production and consumption of goods and services and the supply of money.
▸a country or area having a particular economy:
a free-market economy.
- careful management of available resources.
▸
[
as modifier]
offering good value for money:
an economy pack.
▸a financial saving.
-
(also economy class)
the cheapest class of air or rail travel.
Phrase
- economy of scale
a proportionate saving in costs gained by an increased level of production.
Etymology
C15: from Fr. économie, or via L. from Gk oikonomia ‘household management’, based on oikos ‘house’ + nemein ‘manage’.