ec ‧ o ‧ nom ‧ ic S2 W1 AC /ˌekəˈnɒmɪk◂, ˌiː- $ -ˈnɑː-/ BrE AmE adjective
[ Word Family: noun : ↑ economics , ↑ economist , ↑ economy ; adjective : ↑ economic , ↑ economical ≠ UNECONOMIC(AL) , ↑ economy ; verb : ↑ economize ; adverb : ↑ economically ≠ ↑ uneconomically ]
1 . [only before noun] relating to trade, industry, and the management of money ⇨ economy :
Economic growth is slow.
the government’s economic policy
Economic reform is needed.
In the current economic climate (=conditions) , we must keep costs down.
2 . an economic process, activity etc produces enough profit for it to continue SYN profitable OPP uneconomic :
It is no longer economic to run the service.
HINT : ► Do not confuse with economical (=cheap or not wasteful).
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COLLOCATIONS
■ nouns
▪ economic activity (=the amount of buying, selling etc in a country or area)
This year we have seen an upturn in global economic activity.
▪ economic growth/development (=when businesses become more successful)
We have enjoyed a period of steady economic growth.
▪ an economic slowdown/downturn (=when businesses become less successful)
Experts are predicting an economic slowdown at the beginning of next year.
▪ economic recession (=a period during which a country or area has a lot of problems with its economy)
People are scared they will lose their homes if there is an economic recession.
▪ an economic crisis (=a situation in which there are a lot of problems with the economy, that must be dealt with quickly so the situation does not get worse)
The country’s economic crisis continues to deepen as workers demonstrated against rising food prices.
▪ economic recovery (=the process in which an economic situation improves after a period of failing)
There are now signs of economic recovery in the region.
▪ economic problems
The country’s continuing economic problems could lead to recession.
▪ the economic system (=the way in which the economy of a country or area is organized)
There are fears that the country’s whole economic system could collapse.
▪ an economic policy (=the way in which a government manages the economy of a country or area)
Controlling inflation is the main aim of the government’s economic policy.
▪ economic reform (=a set of changes made to an economy in order to improve it)
The government agreed to a programme of economic reform.
▪ the economic climate (=the general economic conditions in a country or area)
In the current economic climate, a lot of people are trying to save more and spend less.
▪ economic sanctions (=laws that stop trade with another country, as a way of forcing its leaders to make political changes)
The UN threatened economic sanctions against the regime.
▪ economic performance (=how well a company, country, or economy is doing)
How do you explain this poor economic performance over the last few years?
▪ economic factor (=a factor involving money or the economy that affects a situation)
Complex economic and social factors have contributed to the rise in violent crime.
▪ an economic indicator (=something that shows how well the economy of a country is doing, and what is likely to happen to it in the future)
The main economic indicators show that the economy is still in decline.
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THESAURUS
▪ financial relating to money or the management of money:
businesses that provide personal financial services
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the financial problems of old age
▪ economic relating to the money of a country, area, or society, and the way it is earned, spent, and controlled:
American voters were anxious for a change in economic policy.
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an economic crisis
▪ fiscal [only before noun] formal relating to the money, debts, tax etc that are owned and managed by the government:
fiscal control
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The Indian government is trying to reduce the fiscal deficit.
▪ monetary [only before noun] formal relating to money, especially all the money in a country, and how it is managed:
The Bank of Thailand has retained a tight monetary policy.
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the European Monetary System
▪ budgetary [only before noun] formal relating to the official plan of how the money of a country or organization is spent:
City officials are facing tough budgetary decisions.
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the process of budgetary control