I. e ‧ con ‧ o ‧ my 1 S2 W1 AC /ɪˈkɒnəmi $ ɪˈkɑː-/ BrE AmE noun ( plural economies )
[ Word Family: noun : ↑ economics , ↑ economist , ↑ economy ; adjective : ↑ economic , ↑ economical ≠ UNECONOMIC(AL) , ↑ economy ; verb : ↑ economize ; adverb : ↑ economically ≠ ↑ uneconomically ]
[ Date: 1400-1500 ; Language: French ; Origin: Greek oikonomia , from oikonomos 'manager of a house' ]
1 . [countable] the system by which a country’s money and goods are produced and used, or a country considered in this way:
a successful economy
the slowdown in the Japanese economy
2 . [countable] something that you do in order to spend less money:
The council must make economies to meet government spending targets.
Not insuring your belongings is a false economy (=it is cheaper but could have bad results) .
3 . [uncountable] the careful use of money, time, goods etc so that nothing is wasted:
The gas fire was turned low for reasons of economy.
The company announced that it would cut 500 jobs as part of an economy drive (=a way to save money) .
4 . economies of scale technical the financial advantages of producing something in very large quantities
⇨ ↑ black economy , ↑ market economy , ↑ mixed economy
• • •
COLLOCATIONS
■ ADJECTIVES/NOUN + economy
▪ strong/healthy/sound
The new government inherited a strong economy.
▪ weak/ailing/depressed
The economy is weak and consumer confidence is low.
▪ fragile (=weak and likely to become worse)
The country’s fragile economy depends almost exclusively on tourism.
▪ stable (=steady, rather than being strong then weak)
The economy has been relatively stable for the last two or three years.
▪ stagnant (=bad and not progressing or improving)
Measures aimed at reviving the stagnant economy are not working.
▪ a flagging economy (=starting to become weaker)
The government must take action to boost the flagging economy.
▪ a booming economy (=extremely strong and successful)
What can we learn from China’s booming economy?
▪ the world/global economy
Rising oil prices threaten the world economy.
▪ the local/national/domestic economy (=in one particular country or area)
The new factory has given a massive boost to the local economy.
▪ the British/American/Japanese etc economy
The Japanese economy is showing signs of recovery.
▪ a large/powerful economy
the world’s two most powerful economies
▪ a small economy
Small economies like Kenya might struggle to survive in a global recession.
▪ a developing economy (=one that is getting stronger and starting to include more modern industries)
Many developing economies are investing in sources of renewable energy.
▪ an industrial economy (=one that is based mainly on industries producing goods or materials)
Expectations for growth in the main industrial economies remain low.
▪ an agricultural/a rural economy (=one that is based mainly on farming)
The early 1920s saw a rapid expansion in the American agricultural economy.
▪ a service economy (=one that is based mainly on selling services such as insurance or tourism)
Britain has shifted from a manufacturing to a service economy.
▪ a market/free-market economy (=based on companies producing and selling products freely, without restrictions)
Eastern European countries were gradually making the transition to a market economy.
▪ a capitalist/socialist economy (=based on a capitalist or socialist political system)
the large capitalist economies of western Europe
▪ the black economy especially British English (=business activity in which people buy and sell goods illegally, without paying tax)
Illegal immigrants have to seek work in the black economy.
■ verbs
▪ manage/handle the economy
Governments are judged on how well they manage the economy.
▪ develop/expand the economy
The tax cut should help to expand the economy.
▪ boost the economy (=make it stronger)
It is hoped that the Olympic Games will boost the country’s economy.
▪ harm/damage the economy (=make it less successful)
Sanctions have damaged the economy.
▪ destroy the economy
The floods last year destroyed the region’s economy.
▪ the economy develops/expands/grows (=becomes more successful)
The economy grew by 3% last year.
▪ the economy booms (=becomes very successful very quickly)
The economy is booming and share prices are at an all-time high.
▪ the economy slows down
The US economy is slowing down after a long period of growth.
▪ the economy recovers (=returns to normal condition after a period of trouble or difficulty)
The economy is beginning to recover from the recession.
II. economy 2 BrE AmE adjective
[ Word Family: noun : ↑ economics , ↑ economist , ↑ economy ; adjective : ↑ economic , ↑ economical ≠ UNECONOMIC(AL) , ↑ economy ; verb : ↑ economize ; adverb : ↑ economically ≠ ↑ uneconomically ]
economy size/pack a product that is cheaper because you are buying a larger amount