/ ɪˈkɒnəmi; NAmE ɪˈkɑːn-/ noun ( pl. -ies )
1.
(often the economy ) [ C ] the relationship between production, trade and the supply of money in a particular country or region :
The economy is in recession.
the world economy
a market economy (= one in which the price is fixed according to both cost and demand)
2.
[ C ] a country, when you are thinking about its economic system :
Ireland was one of the fastest-growing economies in Western Europe in the 1990s.
3.
[ C , U ] the use of the time, money, etc. that is available in a way that avoids waste :
We need to make substantial economies.
It's a false economy to buy cheap clothes (= it seems cheaper but it is not really since they do not last very long) .
She writes with a great economy of words (= using only the necessary words) .
( BrE )
We're on an economy drive at home. (= trying to avoid waste and spend as little money as possible)
Buy the large economy pack! (= the one that gives you better value for money)
to fly economy (class) (= by the cheapest class of air travel)
an economy fare (= the cheapest)
••
WORD ORIGIN
late 15th cent. (in the sense management of material resources ): from French économie , or via Latin from Greek oikonomia household management, based on oikos house + nemein manage. Current senses date from the 17th cent.