English Reference

Word

economy

Phoneticsecon·o·my

US/iˈkɑnəmi/

UK/ɪkˈɒnəmi/

Definitions

01national wealth and trade

B1 · Intermediate Countable noun

n. the system of trade and industry by which the wealth of a country is made and used.

n. the complex system of production, distribution, and consumption of goods and services within a country or region.

“The government is trying to grow the economy by helping small businesses.”

“Economists are debating whether the national economy will recover quickly or face a prolonged period of stagnation following the recent policy changes.”

Synonyms

financial systemwealth

02saving money or resources

B2 · Upper Intermediate Uncountable noun

n. the careful use of money, time, or goods so that nothing is wasted.

n. the practice of frugality or the efficient allocation of resources to minimize waste.

“Buying the larger bottle is a matter of economy since it costs less per litre.”

“The writer's economy of language allows her to convey deep emotional truths without relying on unnecessary adjectives or complex metaphors.”

Synonyms

thriftfrugalitysaving

03travel class

A2 · Elementary Uncountable noun

n. the cheapest seats on a plane or train.

n. the least expensive class of seating or travel on a commercial vehicle.

“We usually fly economy because the tickets are much cheaper for a family.”

“While the legroom in economy is limited, many travellers find the cost savings worth the minor discomfort on short-haul flights.”

Synonyms

coachstandard class

Antonyms

first classbusiness class

04cheap or efficient

B1 · Intermediate

adj. cheaper than others or designed to save you money.

adj. offering lower prices or designed to be more efficient in resource consumption.

“I bought an economy pack of batteries because it was better value.”

“The manufacturer released an economy model of the car, stripping away luxury features to appeal to budget-conscious first-time buyers.”

Antonyms

Collocations

Common phrases and expressions where native English speakers use the word “economy” in context.

Adjective

01. global economy

“The global economy is changing rapidly due to new technology and international trade.”

adj + noun

Word family

Related words

This entry

Exam level
CambridgeCambridgeCambridge English QualificationsThe exam suite from Cambridge University Press & Assessment, from A1 Movers up to C2 Proficiency. The benchmark names double as CEFR labels.B1 PreliminaryIELTSIELTSInternational English Language Testing SystemThe 0–9 band test co-owned by the British Council, IDP, and Cambridge. Used for university entry, work, and migration.4.0–5.0TOEFL iBTTOEFL iBTTest of English as a Foreign Language, Internet-Based TestETS's academic English test, the standard route for US university admissions. Scored 0–120, with a 1–6 scale since 2026.1–6 scale: 3.0–3.544–71TOEICTOEICTest of English for International CommunicationETS's workplace English test, big in Japan and Korea. Listening & Reading scores 10–990 and tops out at C1.550–784
Frequency
Very common
Level
B1 · IntermediateOxford
Updated

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English Reference