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economy - definition and synonyms

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noun     economy pronunciation in American English
Word Forms
  1. 1
    [countable] the system by which a country’s trade, industry, and money are organized

    a modern industrial economy

    the high-growth economies of Southeast Asia

    1. a.
      the whole of a country’s business, industry, and trade, and the money that they produce

      Between 1982 and 1988 the economy grew at an average of about 3 percent per year.

      boost/stimulate/revive the economy (=make it stronger):

      The government has promised to boost the flagging economy.

    2. b.
      a country considered as an economic system

      three of the fastest-growing economies in the Asia-Pacific region

  2. 2
    [uncountable] the careful use of money, products, or time so that very little is wasted

    In those days, fuel economy was a central factor in car design.

    The audit will concentrate on the economy and efficiency of production.

    1. a.
      [uncountable] the use of the smallest number of words or movements needed to express or do something well
      economy of:

      The play achieves its effects with a terrific economy of language.

    2. b.


      [plural] ways of saving money
      make economies:

      I’m sure, if we make a few economies, we’ll be able to afford it.

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to manipulate someone psychologically so that they begin to question their own perceptions and memories

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Dunning-Kruger effect

the phenomenon by which an incompetent person is too incompetent to understand his own incompetence

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