B1noun 1K

Economy

🇬🇧 UK /["/ɪˈkɒnəmi/"]/ 🇺🇸 US /["/ɪˈkɑːnəmi/"]/

Meaning of Economy

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.

Economy in a sentence

• 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.

How to use Economy

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.

Related words

Collocations with Economy

• 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 for Economy

• system
• market
• industry
• financial system
• trade

Opposites of Economy

• recession
• depression
• decline

Common mistakes with Economy

• 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.

Frequently asked questions about Economy

What does Economy mean?

The way money and resources are used in a society.

What is the definition of Economy?

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

How do you use Economy in a sentence?

The economy has been growing steadily over the past few years.

Can you give another example of Economy?

During the recession, many businesses struggled to survive in the weak economy.

What are synonyms for Economy?

Common alternatives include system, market, industry, financial system, trade.

What is the opposite of Economy?

Opposite meanings include recession, depression, decline.

What words go with Economy?

It commonly pairs with 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.

What are common mistakes when using Economy?

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.

How do you pronounce Economy?

US: /["/ɪˈkɑːnəmi/"]/, UK: /["/ɪˈkɒnəmi/"]/. Listen to the audio above to hear native pronunciation.

When should I use Economy?

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.

What CEFR level is Economy?

"Economy" is at B1 level on the CEFR scale.