Careful, thrifty management of resources, such as money, materials, or labor: learned to practice economy in making out the household budget.
An example or result of such management; a saving.
The system or range of economic activity in a country, region, or community: Effects of inflation were felt at every level of the economy.
A specific type of economic system: an industrial economy; a planned economy.
The system or range of economic activity in a country, region, or community: Effects of inflation were felt at every level of the economy.
A specific type of economic system: an industrial economy; a planned economy.
An orderly, functional arrangement of parts; an organized system: "the sense that there is a moral economy in the world, that good is rewarded and evil is punished"(George F. Will).
Efficient, sparing, or conservative use: wrote with an economy of language.
The least expensive class of accommodations, especially on an airplane.
Theology The method of God's government of and activity within the world.
adj.
Economical or inexpensive to buy or use: an economy car; an economy motel.
[Middle English yconomye, management of a household, from Latin oeconomia, from Greek oikonomiā, from oikonomos, manager of a household : oikos, house; see weik-1 in Indo-European roots + nemein, to allot, manage; see nem- in Indo-European roots.]
Word History: Managing an economy has at least an etymological justification. The word economy can be traced back to the Greek word oikonomos, "one who manages a household," derived from oikos, "house," and nemein, "to manage." From oikonomos was derived oikonomiā, which had not only the sense "management of a household or family" but also senses such as "thrift," "direction," "administration," "arrangement," and "public revenue of a state." The first recorded sense of our word economy, found in a work possibly composed in 1440, is "the management of economic affairs," in this case, of a monastery. Economy is later recorded in other senses shared by oikonomiā in Greek, including "thrift" and "administration." What is probably our most frequently used current sense, "the economic system of a country or an area," seems not to have developed until the 19th or 20th century.
c.1530, "household management," from L. oeconomia, from Gk. oikonomia "household management," from oikonomos "manager, steward," from oikos "house" (cognate with L. vicus "district," vicinus "near;" O.E. wic "dwelling, village;" see villa) + nomos "managing," from nemein "manage" (see numismatics). The sense of "manage the resources of a country" (short for political economy) is from 1651. Hence, economic (1835) means "related to the science of economics," while economical (1780) retains the sense "characterized by thrift." Economist is 1586 in the sense of "household manager," 1804 meaning "student of political economy." Economy (adj.) as a term in advertising at first meant simply "cheaper" (1821), then "bigger and thus cheaper per unit or amount" (1950).
Main Entry: econ·o·my Pronunciation: i-'kän-&-mE Function: noun Inflected Form: plural-mies 1: the
system of operation of the processes of anabolism and catabolism in living bodies <the economy of the cell> 2: the body of an animal or plant as an organized whole
<disorganizing wide segments of the body economy —Leonard Engel>
The large set of inter-related economic production and consumption activities which aid in determining how scarce resources are allocated.
Investopedia
Commentary
The economy encompasses everything related to the production and consumption of goods and services in an area.
The economy and the factors affecting the economy
have spawned one of the largest fields of study in human history - economics. The study of economics can be broken into two major areas of focus, microeconomics and macroeconomics.
Economy, IN (town, FIPS 20152) Location: 39.97742 N, 85.08712 W Population (1990): 151 (68 housing units) Area: 0.3 sq km (land), 0.0 sq km (water) Zip code(s): 47339
Economy, PA (borough, FIPS 22264) Location: 40.63840 N, 80.18511 W Population (1990): 9519 (3373 housing units) Area: 45.8 sq km (land), 0.2 sq km (water)
Di"o*cese\, n.; pl. Dioceses. [OE. diocise, OF. diocise, F. dioc['e]se, L. dioecesis, fr. Gr. ? housekeeping, administration, a province, a diocese, fr. ? to keep house, manage; dia` through + ? to manage a household, ? a house. See Economy.] (Eccl.) The circuit or extent of a bishop's jurisdiction; the district in which a bishop exercises his ecclesiastical authority. [Frequently, but improperly, spelt diocess.]
E`co*nom"ic\ (?; 277), Economical \E`co*nom"ic*al\, a. [F. ['e]conomique, L. oeconomicus orderly, methodical, Gr. ? economical. See Economy.]1. Pertaining to the household; domestic. "In this economical misfortune [of ill-assorted matrimony.]" --Milton. 2. Relating to domestic economy, or to the management of household affairs. And doth employ her economic art And busy care, her household to preserve. --Sir J. Davies. 3. Managing with frugality; guarding against waste or unnecessary expense; careful and frugal in management and in expenditure; -- said of character or habits. Just rich enough, with economic care, To save a pittance. --Harte. 4. Managed with frugality; not marked with waste or extravagance; frugal; -- said of acts; saving; as, an economical use of money or of time. 5. Relating to the means of living, or the resources and wealth of a country; relating to political economy; as, economic purposes; economical truths. These matters economical and political. --J. C. Shairp. There was no economical distress in England to prompt the enterprises of colonization. --Palfrey. Economic questions, such as money, usury, taxes, lands, and the employment of the people. --H. C. Baird. 6. Regulative; relating to the adaptation of means to an end. --Grew. Note: Economical is the usual form when meaning frugal, saving; economic is the form commonly used when meaning pertaining to the management of a household, or of public affairs.
E*con"o*my\, n.; pl. Economies. [F. ['e]conomie, L. oeconomia household management, fr. Gr. ?, fr. ? one managing a household; ? house (akin to L. vicus village, E. vicinity) + ? usage, law, rule, fr. ne`mein to distribute, manage. See Vicinity, Nomad.]1. The management of domestic affairs; the regulation and government of household matters; especially as they concern expense or disbursement; as, a careful economy. Himself busy in charge of the household economies. --Froude. 2. Orderly arrangement and management of the internal affairs of a state or of any establishment kept up by production and consumption; esp., such management as directly concerns wealth; as, political economy. 3. The system of rules and regulations by which anything is managed; orderly system of regulating the distribution and uses of parts, conceived as the result of wise and economical adaptation in the author, whether human or divine; as, the animal or vegetable economy; the economy of a poem; the Jewish economy. The position which they [the verb and adjective] hold in the general economy of language. --Earle. In the Greek poets, as also in Plautus, we shall see the economy . . . of poems better observed than in Terence. --B. Jonson. The Jews already had a Sabbath, which, as citizens and subjects of that economy, they were obliged to keep. --Paley. 4. Thrifty and frugal housekeeping; management without loss or waste; frugality in expenditure; prudence and disposition to save; as, a housekeeper accustomed to economy but not to parsimony. Political economy. See under Political. Syn: Economy, Frugality, Parsimony. Economy avoids all waste and extravagance, and applies money to the best advantage; frugality cuts off indulgences, and proceeds on a system of saving. The latter conveys the idea of not using or spending superfluously, and is opposed to lavishness or profusion. Frugality is usually applied to matters of consumption, and commonly points to simplicity of manners; parsimony is frugality carried to an extreme, involving meanness of spirit, and a sordid mode of living. Economy is a virtue, and parsimony a vice. I have no other notion of economy than that it is the parent to liberty and ease. --Swift. The father was more given to frugality, and the son to riotousness [luxuriousness]. --Golding.
E*con"o*my\, n.; pl. Economies. [F. ['e]conomie, L. oeconomia household management, fr. Gr. ?, fr. ? one managing a household; ? house (akin to L. vicus village, E. vicinity) + ? usage, law, rule, fr. ne`mein to distribute, manage. See Vicinity, Nomad.]1. The management of domestic affairs; the regulation and government of household matters; especially as they concern expense or disbursement; as, a careful economy. Himself busy in charge of the household economies. --Froude. 2. Orderly arrangement and management of the internal affairs of a state or of any establishment kept up by production and consumption; esp., such management as directly concerns wealth; as, political economy. 3. The system of rules and regulations by which anything is managed; orderly system of regulating the distribution and uses of parts, conceived as the result of wise and economical adaptation in the author, whether human or divine; as, the animal or vegetable economy; the economy of a poem; the Jewish economy. The position which they [the verb and adjective] hold in the general economy of language. --Earle. In the Greek poets, as also in Plautus, we shall see the economy . . . of poems better observed than in Terence. --B. Jonson. The Jews already had a Sabbath, which, as citizens and subjects of that economy, they were obliged to keep. --Paley. 4. Thrifty and frugal housekeeping; management without loss or waste; frugality in expenditure; prudence and disposition to save; as, a housekeeper accustomed to economy but not to parsimony. Political economy. See under Political. Syn: Economy, Frugality, Parsimony. Economy avoids all waste and extravagance, and applies money to the best advantage; frugality cuts off indulgences, and proceeds on a system of saving. The latter conveys the idea of not using or spending superfluously, and is opposed to lavishness or profusion. Frugality is usually applied to matters of consumption, and commonly points to simplicity of manners; parsimony is frugality carried to an extreme, involving meanness of spirit, and a sordid mode of living. Economy is a virtue, and parsimony a vice. I have no other notion of economy than that it is the parent to liberty and ease. --Swift. The father was more given to frugality, and the son to riotousness [luxuriousness]. --Golding.
Ec`u*men"ic\, Ecumenical \Ec`u*men"ic*al\, a. [L. oecumenicus, Gr. ? (sc. ?) the inhabited world, fr. ? to inhabit, from ? house, dwelling. See Economy.] General; universal; in ecclesiastical usage, that which concerns the whole church; as, an ecumenical council. [Written also [oe]cumenical.] Ecumenical Bishop, a title assumed by the popes. Ecumenical council. See under Council.
Fru*gal"i*ty\, n.; pl. Frugalities. [L. frugalitas: cf. F. frugalit['e].]1. The quality of being frugal; prudent economy; that careful management of anything valuable which expends nothing unnecessarily, and applies what is used to a profitable purpose; thrift; --- opposed to extravagance. Frugality is founded on the principle that all riches have limits. --Burke. 2. A sparing use; sparingness; as, frugality of praise. Syn: Economy; parsimony. See Economy.
Nom"ad\, n. [L. nomas, -adis, Gr. ?, ?, pasturing, roaming without fixed home, fr. ? a pasture, allotted abode, fr. ? to distribute, allot, drive to pasture; prob. akin to AS. niman to take, and E. nimble: cf. F. nomade. Cf. Astronomy, Economy, Nimble, Nemesis, Numb, Number.] One of a race or tribe that has no fixed location, but wanders from place to place in search of pasture or game.
Par"si*mo*ny\, n. [L. parsimonia, parcimonia; cf. parcere to spare, parsus sparing: cf. F. parcimonie.] Closeness or sparingness in the expenditure of money; -- generally in a bad sense; excessive frugality; niggardliness. --Bacon. Awful parsimony presided generally at the table. --Thackeray. Syn: Economy; frugality; illiberality; covetousness; closeness; stinginess. See Economy.
Prod`i*gal"i*ty\, n. [F. prodigalit['e], L. prodigalitas. See Prodigal.] Extravagance in expenditure, particularly of money; excessive liberality; profusion; waste; -- opposed to frugality, economy, and parsimony."The prodigality of his wit." --Dryden.
Vi*cin"i*ty\ (?; 277), n. [L. vicinitas, from vicinus neighboring, near, from vicus a row of houses, a village; akin to Gr. ? a house, Skr. v??a a house, vi? to enter, Goth. weihs town: cf. OF. vicinit['e]. Cf. Diocese, Economy, Parish, Vicinage, Wick a village.]1. The quality or state of being near, or not remote; nearness; propinquity; proximity; as, the value of the estate was increased by the vicinity of two country seats. A vicinity of disposition and relative tempers. --Jer. Taylor. 2. That which is near, or not remote; that which is adjacent to anything; adjoining space or country; neighborhood. "The vicinity of the sun." --Bentley. Syn: Neighborhood; vicinage. See Neighborhood.
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