Get the Oxford Advanced American Dictionary app Find out more about Oxford American Dictionaries for learners of English Get an Oxford Advanced American Dictionary searchbox for your website Ask Text Checker

Definition of economy noun from the Oxford Advanced American Dictionary



/ɪˈkɑnəmi/ economy pronunciation American
plural economies
1 often the economy [countable] the relationship between production, trade, and the supply of money in a particular country or regionThe economy is in a recession.the world economya market economy (= one in which the price is fixed according to both cost and demand) see also consumer economy2 [countable] a country, when you are thinking about its economic systemIreland was one of the fastest-growing economies in Western Europe in the 1990s.3 [countable, uncountable] the use of the time, money, etc. that is available in a way that avoids wasteWe 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).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)
Usage notesTopic Collocations: The Economymanaging the economyhandle/run/manage the economyboost investment/spending/employment/growthstimulate demand/the economy/industrycut/reduce investment/spending/borrowingreduce/curb/control/keep down inflationcreate/fuel growth/demand/a boom/a bubbleencourage/foster/promote/stimulate/stifle innovation/competitionencourage/work with/compete with the private sectorincrease/boost/promote U.S./agricultural exportsban/restrict/block cheap/foreign importsthe economy grows/expands/shrinks/contracts/slows (down)/recovers/improves/is boomingenjoy an economic/housing/property boomeconomic problemspush up/drive up prices/costs/inflationdamage/hurt/destroy industry/the economycause/lead to/go into/avoid/escape recessionexperience/suffer a recession/downturnfight/combat inflation/deflation/unemploymentcause/create inflation/poverty/unemploymentcreate/burst a housing/stock market bubblecause/trigger a stock market crash/the collapse of the banking systemface/be plunged into a financial/an economic crisisbe caught in/experience cycles of boom and bustpublic financecut/reduce/slash/increase/double the defense/education budgetincrease/boost/slash/cut public spendingincrease/raise/cut/lower/reduce taxesraise/cut/lower/reduce interest ratesease/loosen/tighten monetary policybalance the (state/federal) budgetachieve/maintain a balanced budgetrun a ($4 trillion) budget deficit/surplus⇨ more collocations at politics, voting