economy

Meanings

• noun

  system or method of production, distribution, and consumption of goods and services

  - "The economy is showing signs of recovery."
  - "Unemployment is a major concern in today's economy."

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Pronunciation

1. /iːˈkɑn.ə.mi/
   
   
   
   Source: "https://commons.wikimedia.org/w/index.php?curid=1769879"

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Rhymes

Words rhyming with economy
comedy , symphony

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Variants

List of all variants of economy that leads to same result
economies , economy , economy of scale , command economy , gift economies , gift economy , gig economies , gig economy , market economies , market economy , political economies , political economist , political economists , political economy , sharing economies , sharing economy , false economy

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Etymology

origin and the way in which meanings have changed throughout history.

derived from the Greek word oikonomia, meaning 'household management'

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. The first economy was based on bartering goods and services.

2. The global economy is estimated to be worth over $200 trillion.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Market economy: An economic system in which the prices of goods and services are determined by the forces of supply and demand.

2. Command economy: An economic system in which the government owns and controls the means of production and distribution.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

The economy has been a significant topic in literature, art, and music, often used as a metaphor for society as a whole.

How to Memorize "economy"

1. visualize
   

   - Imagine a system where resources are allocated and goods and services are produced and exchanged.

2. associate
   

   - Associate the concept of economy with the idea of managing resources and producing goods and services.

3. mnemonics
   

   - Use the mnemonic 'Economy is the Eco-system Of Managing Resources' to remember the definition.

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