economy economy /iːˈkɑːnəmi/

noun

1. () The system of production and distribution and consumption  ( economic system , economy )
   the system of production and distribution and consumption
     The country's economy is experiencing rapid growth.
   The country's economy is experiencing rapid growth.
   
2. () An act of economizing; reduction in cost  ( economy , saving )
   an act of economizing; reduction in cost
    It was a small economy to walk to work every day
   it was a small economy to walk to work every day
    There was a saving of 50 cents
   there was a saving of 50 cents
   
3. () Frugality in the expenditure of money or resources  ( thriftiness , economy )
   frugality in the expenditure of money or resources
    The Scots are famous for their economy
   the Scots are famous for their economy
   
4. () The efficient use of resources  ( economy )
   the efficient use of resources
    Economy of effort
   economy of effort