economy

economy

I

e‧con‧o‧my¹ S2 W1 AC /ɪˈkɒnəmi $ ɪˈkɑː-/ noun (plural economies)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

economy² adjectiveeconomy size/pack a product that is cheaper because you are buying a larger amount