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economy

economy

2.6
The system a country uses to make, sell, and buy goods and services
  • noun
  • /ɪˈkɑːnəmi/
translation icon : economía
  • Many experts are concerned about how rising prices will affect the local economy and its recovery.
  • global economy
  • market economy
  • emerging economy

Really made this economy great was Tony Blair right.

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Examples

  • Your generation will transform our economy and create millions of new jobs.

  • Now, the emerging economies' impact on the global economy and the advanced economies is rising rapidly.

    Academic text (2011)
  • Right now, the economy is still quite strong.

  • That is how we actually grow the economy, not using stuff up.

  • I keep hoping the economy is gonna turn around.

  • And their number one issue is the economy, just like most Americans.

  • The primary cause recently has been the significant downturn in the economy following the 2008 economic crisis.

    Academic text (2017)
  • The structural trends affecting the U.S. economy cannot be explained by changes in technology alone.

    Academic text (2011)
  • Unemployment surged to nearly 12 percent as the economy shrank by about 3 percent.

    Academic text (2011)
  • Today, we are witnessing a radical integration of national economies into a single global marketplace.

    Academic text (2008)

Synonyms

economic system
vseconomy
33 3.9

The way a country organizes how it makes, shares, and uses goods and services

emphasizes active management as well as organization
econ
vseconomy
  • Informal
1 7.2

The state of money, jobs, and business in a country

is the formal neutral term used in general contexts
macroeconomy
vseconomy
  • Specialized
1 5.7

The whole economy of a country, including jobs, prices and the money it makes

considers the organizing system rather than only aggregate indicators

Antonyms

438 3.1

A situation with no order where people are confused and cannot act normally

7 3.8

A lack of order or system that makes things untidy

Compounds

market economy
  • Specialized
93 3.0

A system where people and businesses buy and sell goods and prices are set by supply and demand

24 3.7

The money, businesses, and jobs that support a town or area

economy of scale
  • Specialized
11 4.3

Lower cost for each item when a company makes many of them

political economy
  • Specialized
6 5.3

Study of how governments and policies affect making, sharing, and using things and services

An economic system where private people or companies own businesses and try to make money

The cheapest seats on a plane, train, or ship with basic services

mixed economy
  • Specialized
2 4.1

A system where both private companies and the government own and run businesses

A system where the state or community owns major businesses and resources instead of private owners

black economy
  • Specialized
1 8.0

Hidden business activity not recorded by the government, like unreported cash sales or illegal trade

A system where the government controls what is made, how goods are shared, and their prices

managed economy
  • Specialized
1 7.0

A system where the government decides prices and directs goods and investment

non-market economy
  • Specialized
1 7.9

An economy where the government decides what is made and sets prices instead of markets

A major book by Karl Marx about how capitalism works

laissez-faire economy
  • Specialized
7.2

An economy where businesses operate with little government control

token economy
  • Texting
6.5

A digital system that gives tokens for actions and lets users trade or spend them for services

token economy
  • Specialized
6.5

A system that gives tokens for good behavior and lets people exchange them for rewards

How Strong

boom
214 2.8
expansion
241 3.3
recovery
264 3.0
economy
2.6
recession
  • Specialized
858 4.6
stagnation
19 6.8

Surface Forms

economy singular
economies plural

Etymology

Economy comes from the Greek oikonomia, from oikos 'house' and nomos 'management'. That's why we call the way a country organizes money, goods, and jobs its economy — it is like managing a very large 'house' for all the people.