From Longman Dictionary of Contemporary Englisheconomye‧con‧o‧my1 /ɪˈkɒnəmi $ ɪˈkɑː-/ ●●● S2 W1 AWL noun (plural economies) 🔊 🔊 1 [countable]PE 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 economyGrammarYou say the economy when talking about the economic system in a particular country: Tourism is an important part of the economy. ✗Don’t say: Tourism is an important part of economy.2 SPEND MONEY[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]SPEND MONEY 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 → black economy, market economy, mixed economyCOLLOCATIONSADJECTIVES/NOUN + economystrong/healthy/soundThe new government inherited a strong economy.weak/ailing/depressedThe 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 economyRising 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 economyThe Japanese economy is showing signs of recovery.a large/powerful economythe world’s two most powerful economiesa small economySmall 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 Europethe 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.verbsmanage/handle the economyGovernments are judged on how well they manage the economy.develop/expand the economyThe 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 economyThe 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 downThe 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.Don't confuse economy (=a country's economic system) and economics (=the study of how money is produced and used). You say: He is studying economics. ✗Don’t say: He is studying economy.
Examples from the Corpuseconomy• Inflation is a major problem in many South American economies.• It is impossible to quantify the exact value of the black economy.• Sparse, willful and distinct, Ladd manages an enviable economy with his music.• In a global economy, the only way to maintain a competitive edge is to lead the world in innovation.• The rush to a market economy is not enough: all that will bring is the destruction of the old system.• The republics would need to create the legal framework and conditions for market economies.• For reasons of economy, the armed forces keep equipment in service for 15 to 20 years.• For that reason, the gradual restraint of inflation and cooling of this overheated economy look impossible.• The absence of competition in the command political economy can result in problems as serious as those from excessive competition.• shadow economies that escape accurate analysis• Poland is trying to move from a centrally planned socialist economy to a free-market capitalist economy.• Low interest rates will help the economy.• Sometimes it is the economy that goes wrong.• The government's management of the economy has been severely criticized.• In the long run the economy will tend to gravitate towards a position of Walrasian equilibrium.• Quite apart from the political fallout, there is the nagging worry that the economy may already be on the brink of recession.make economies• Non-redundancy dismissals By no means every dismissal occasioned by the need to restructure the business or to make economies is due to redundancy.economy drive• One of the early acts of his Administration was an economy drive which included a horizontal slash in public pay.• Britain's newest taxpayer took her economy drive even further by visiting the Oxford Oxfam shop.• And the leisure department is to be ordered on to a tough economy drive, paring back all unnecessary expenditure.