B1noun1K

Economy

UK /["/ɪˈkɒnəmi/"]/US /["/ɪˈkɑːnəmi/"]/

Definition

the relationship between production, trade and the supply of money in a particular country or region

In simple words: The way money and resources are used in a society.

Examples

  • The economy has been growing steadily over the past few years.
  • During the recession, many businesses struggled to survive in the weak economy.
  • He studied economics in college to understand how the economy functions.
  • A strong economy often leads to increased job opportunities for the population.
  • The local economy relies heavily on tourism and agriculture.
  • The sharing economy allows people to rent or share their resources with others.
  • In a command economy, the government makes all economic decisions.
  • Some believe that a circular economy is the key to sustainable development.

Usage notes

Use 'economy' when discussing finances, businesses, or national resources. It's appropriate in both written articles and spoken discussions, but may feel too formal in casual conversations.

Grammar pattern

standalone noun

Memory hint

Think of 'eco' as in ecology or environment; the economy is about managing the resources of a community.

Collocations

  • booming
  • buoyant
  • dynamic
  • build
  • create
  • rebuild
  • boom
  • develop
  • expand
  • an area of the economy
  • a sector of the economy
  • the backbone of the economy
  • significant
  • false
  • fuel
  • achieve
  • make
  • drive
  • economy in
  • economy of effort
  • economy of movement
  • economy of scale

Synonyms

  • system
  • market
  • industry
  • financial system
  • trade

Antonyms

  • recession
  • depression
  • decline

Common mistakes

  • Confused with 'economic', which relates to the study of the economy.
  • Using 'economy' to refer to individual financial situations instead of larger systems.
  • Plural form 'economies' often misused when talking about a single national system.