economye‧con‧o‧my1 /ɪˈkɒnəmi $ ɪˈkɑː-/ ●●●S2W1AWL 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 waya successful economythe 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.2SPEND MONEY[countable] something that you do in order to spend less moneyThe 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 wastedThe 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.
USAGE: Economy, economicsDon'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.
economyeconomy2 adjective →economy size/packFrom Longman Business Dictionaryeconomye‧con‧o‧my1 /ɪˈkɒnəmiɪˈkɑː-/ noun (plural economies)1[countable]ECONOMICS the system by which a country’s goods and services are produced and used, or a country considered in this waythe transformation from a centrally planned socialist economy to a market-led oneHe expects Europe’s economies over the long run to grow faster than the US’s. →black economy →command economy →exchange economy →free economy →global economy →Goldilocks economy →informal economy →knowledge economy →market economy →mixed economy →parallel economy →planned economy →political economy →real economy →service economy →shadow economy2[uncountable] the careful use of money, goods, time etc so that nothing is wastedFor reasons of economy, the heating had been turned down.The post office was closed as part of an economy drive (=a planned effort to cut costs).3[countable] a way of spending less moneyFollowing the merger, the group should make economies of about FFr200 million next year.As an economy measure, the company started to cut back on training.4false economy something that seems to be a way of spending less money, but actually costs you more money in the endBuying cheaper, poorer quality materials is often a false economy.economyeconomy2 adjective [only before a noun]1an economy fare, hotel etc is cheaper than other things of the same typeYou can choose from a range of economy and medium-priced hotels.2an economy-size product or packetcontains more than a normal one and is cheap compared to the normal size producta large economy-size packet of detergent