[ɪˈkɒnəmi], (Noun)

Definitions:
- the state of a country or region in terms of the production and consumption of goods and services and the supply of money
(e.g: he favours tax cuts to stimulate the economy)

- careful management of available resources
(e.g: fuel economy)


Phrases:
- economy of scale
- economy of scope

Origin:
late 15th century (in the sense ‘management of material resources’): from French économie, or via Latin from Greek oikonomia ‘household management’, based on oikos ‘house’ + nemein ‘manage’. Current senses date from the 17th century