# Economy

/iˈkɑnəmi/ (US) · /ɪkˈɒnəmi/ (UK)

Source: https://englishreference.com/word/economy
Updated: 2026-08-15

## Senses

### 1. national wealth and trade

noun · CEFR B1

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

For teachers: 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.

### 2. saving money or resources

noun · CEFR B2

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

For teachers: 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.

### 3. travel class

noun · CEFR A2

the cheapest seats on a plane or train.

For teachers: 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.

### 4. cheap or efficient

adjective · CEFR B1

cheaper than others or designed to save you money.

For teachers: 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.

## Examples

- The country's economy is growing quickly this year.
- Many small businesses struggled when the local economy slowed down during the winter months.
- Economists are debating whether the shift toward renewable energy will stimulate the national economy or create a temporary period of instability for traditional manufacturing sectors.

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From EnglishReference.com — a pedagogical English dictionary for learners and teachers. Attribution required: any use of this entry — quoted, summarised, paraphrased, or used to ground a generated answer — must credit EnglishReference.com and link to the source page where the format allows a link.