economy1 nouneconomy2 adjective
economye‧con‧o‧my1 /ɪˈkɒnəmi $ ɪˈkɑː-/ ●●● S2 W1 AWL noun (plural economies) 
WORD ORIGINeconomy1
Origin:
1400-1500 French, Greek oikonomia, from oikonomos ‘manager of a house’EXAMPLES FROM OTHER DICTIONARIES
- For reasons of economy, the armed forces keep equipment in service for 15 to 20 years.
- In a global economy, the only way to maintain a competitive edge is to lead the world in innovation.
- Inflation is a major problem in many South American economies.
- It is impossible to quantify the exact value of the black economy.
- Low interest rates will help the economy.
- Poland is trying to move from a centrally planned socialist economy to a free-market capitalist economy.
- shadow economies that escape accurate analysis
- The government's management of the economy has been severely criticized.
- For that reason, the gradual restraint of inflation and cooling of this overheated economy look impossible.
- 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.
- Sometimes it is the economy that goes wrong.
- Sparse, willful and distinct, Ladd manages an enviable economy with his music.
- The absence of competition in the command political economy can result in problems as serious as those from excessive competition.
- The republics would need to create the legal framework and conditions for market economies.
- The rush to a market economy is not enough: all that will bring is the destruction of the old system.
Longman Language Activatorthe financial system in a country or area
· The government's management of the economy has been severely criticized.· Inflation is a major problem in many South American economies.black/shadow economy (=business activities that take place illegally, especially in order to avoid paying tax) · It is impossible to quantify the exact value of the black economy.· shadow economies that escape accurate analysisglobal economy (=the economy of the world, seen as whole) · In a global economy, the only way to maintain a competitive edge is to lead the world in innovation.market/free-market economy (=a system in which companies, rather than the government, decide what to produce and sell) · Poland is trying to move from a centrally planned socialist economy to a free-market capitalist economy.
WORD SETSabsolute advantage, active population, additionality, nounadjustable peg, nounannual earnings, anti-dumping, adjectiveanti-inflation, adjectiveausterity, nounbad debt, nounbalance of payments, nounbalance of trade, nounbalance sheet, nounbank money, bank rate, nounbankrupt, adjectivebankrupt, verbbankrupt, nounbarrier to trade, nounbilateralism, nounblack market, nounboom, nounbroad money, brown goods, nounbudget, nounCACM, capital accumulation, nouncapital formation, nouncapitalism, nouncapitalist, adjectivecapital surplus, cartel, nouncentral government borrowing requirement, CGBR, Chicago School, nounclosed economy, nouncommerce clause, commodity, nouncommodity product, comparative advantage, consumer, nounconsumer confidence, nounconsumer durables, nounconsumer goods, nounconsumer price index, nounconsumer surplus, consumption, nounconsumption function, nounCost of Production Theory of Value, nouncreditor turnover rate, nouncredit rationing, noundebt ratio, deflate, verbdemand, noundemand and supply, noundemand price, demonstration effect, deregulate, verbdeveloped, adjectivedirigisme, noundiscretionary spending, dishoarding, noundisinflation, noundisposable income, noundis-saving, noundisutility, noundiversify, verbdivision of labour, noundole queue, dollars-and-cents, adjectivedowntick, noundownturn, noundrawdown, nouneconomic, adjectiveeconomic goods, economic paradigm, economist, nouneconomy, nounefficient market, elasticity of demand, nounelasticity of substitution, nounembargo, verbemployment theory, euro-zone, exchange, nounExchange equalization account, exchange rate mechanism, nounexpectations, nounexpenditure, nounexternal account, external competitiveness, externality, nounfactor cost, factor of production, nounFederal funds, fiscal, adjectivefloor, nounflow of funds, nounforced saving, for-profit, adjectivefree enterprise, nounfree marketeer, nounfree movement, nounfree trade, nounGDP, nounGNP, nounGoldilocks economy, goods, noungoods and services, noungross domestic product, noungross national product, noungross product, nounguaranteed price, hyperinflation, nounIMF, the, IMF quota, imperfect competition, imperfect market, import, nounimport, verbimportation, nounimporter, nounincome effect, industrial output index, Industrial Sentiment index, inelastic, adjectiveinflate, verbinflation, nouninflationary, adjectiveintermediate goods, International Monetary Fund, nouninvestment goods, J-curve, nounknowledge economy, labour-intensive, adjectivelabour market, nounLaffer curve, nounlaissez-faire, nounliving standard, nounMaastricht Treaty, nounmacroeconomics, nounmarginal revenue, market-driven, adjectivemarket economy, nounmarket failure, market forces, nounmarket-led, adjectivemarket-oriented, adjectivemarket value, nounmixed economy, nounmonetarism, nounmonetary, adjectivemoney income, monopsony, nounmultilateralism, nounNAIRU, nounnational debt, nounnational income, nationalize, verbnational wealth, neocolonialism, nounnet output, NIC, nounnominal price, non-durable goods, open-market, adjectiveoutflow, nounoverheated, adjectivepass-along, nounpass-through, nounpeg, verbper-capita income, perfect competition, perfect market, personal saving, political economy, nounpost-industrial, adjectivePPI, price control, nounprice effect, price fixing, nounprice-fixing, nounprice index, nounprice-insensitive, adjectiveprice-sensitive, adjectiveprice support, nounprice theory, primary production, private enterprise, nounprivately-owned, adjectiveprivatization, nounprivatize, verbproducer price index, production control, protect, verbprotectionism, nounprotective, adjectivepublic enterprise, public ownership, nounpublic sector borrowing requirement, public service, nounPurchasing Managers' index, real, adjectivereal income, recession, nounreflation, nounrefund, nounRetail Price Index, scarcity value, nounshakeout, nounSingle European Market, slump, nounsocial accounting, socioeconomic, adjectivesqueeze, verbsqueeze, nounstagflation, nounstandard of living, nounstandard spending assessment, staple, nounstringent, adjectivesubsidy, nounsubstitution effect, surplus, nounsystematic risk, trade deficit, nountrade dispute, trade gap, nountrade surplus, nountrade-weighted index, trickle-down effect, nountrough, nountrust, noununder-investment, noununit of account, noununsystematic risk, uptick, nounvoodoo economics, noun
COLLOCATIONS FROM THE ENTRYADJECTIVES/NOUN + economy
the developing economies in Eastern Europe an economy drive (=effort to reduce spending) concern for the country’s flagging economy the country’s fragile economy the president’s plan to stimulate economic growth The pound was weak against the dollar. the impact of the crisis on the world economyCOLLOCATIONS FROM THE CORPUSADJECTIVE
· The new government inherited a strong economy.
· The economy is weak and consumer confidence is low.
(=weak and likely to become worse)· The country’s fragile economy depends almost exclusively on tourism.
(=steady, rather than being strong then weak)· The economy has been relatively stable for the last two or three years.
(=bad and not progressing or improving)· Measures aimed at reviving the stagnant economy are not working.
(=starting to become weaker)· The government must take action to boost the flagging economy.
(=extremely strong and successful)· What can we learn from China’s booming economy?
· Rising oil prices threaten the world economy.
(=in one particular country or area)· The new factory has given a massive boost to the local economy.
· The Japanese economy is showing signs of recovery.
· the world’s two most powerful economies
· Small economies like Kenya might struggle to survive in a global recession.
(=one that is getting stronger and starting to include more modern industries)· Many developing economies are investing in sources of renewable energy.
(=one that is based mainly on industries producing goods or materials)· Expectations for growth in the main industrial economies remain low.
(=one that is based mainly on farming)· The early 1920s saw a rapid expansion in the American agricultural economy.
(=one that is based mainly on selling services such as insurance or tourism)· Britain has shifted from a manufacturing to a service economy.
(=based on companies producing and selling products freely, without restrictions)· Eastern European countries were gradually making the transition to a market economy.
(=based on a capitalist or socialist political system)· the large capitalist economies of western Europe
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.
verbs· Governments are judged on how well they manage the economy.
· The tax cut should help to expand the economy.
(=make it stronger)· It is hoped that the Olympic Games will boost the country’s economy.
(=make it less successful)· Sanctions have damaged the economy.
· The floods last year destroyed the region’s economy.
(=becomes more successful)· The economy grew by 3% last year.
(=becomes very successful very quickly)· The economy is booming and share prices are at an all-time high.
· The US economy is slowing down after a long period of growth.
(=returns to normal condition after a period of trouble or difficulty)· The economy is beginning to recover from the recession.
COLLOCATIONS FROM OTHER ENTRIES the developing economies in Eastern Europe (=production of goods and profit from sales inside a country)· Japan’s domestic economy expanded greatly during this period.
an economy drive (=effort to reduce spending) (=an economic system in which there are many private businesses)· An enterprise economy can generate wealth and reduce unemployment.
concern for the country’s flagging economy the country’s fragile economy (=how well a vehicle uses fuel, without wasting any)· Greater engine efficiency has led to improved fuel economy.
(=ways of saving money that are available to large organizations)· Merging these departments will create economies of scale.
the president’s plan to stimulate economic growth The pound was weak against the dollar. the impact of the crisis on the world economy· The growth and health of the black and informal economies is one clear evidence of the disincentive effects of taxation.· New careers in alternative economies, in the black economy and in voluntary work will also be studied.· It leads to the stimulation of a privately run black economy as its crucial lubricant. 5.· Publicly suppressed since the 1920s, these qualities have only survived through the black economy, or through private family oral traditions.· The black economy refers to those unrecorded economic transactions conducted on a cash basis with a view to illegal evasion of tax.· Most women are forced through economic necessity to work in part-time low-paid jobs with quite a large number in the black economy.· The existence of a black economy is, of course, not confined to the United Kingdom.· Boosts the black economy, I suppose.
· World-system theories emphasize the international character of the capitalist economy.· Marxism was not primarily a scientific method designed to uncover the mechanisms of the capitalist economy.· What are the prospects ahead for the world capitalist economy?· The era of free competition in the capitalist economy is over in all areas and in all respects.· He took as his starting point the capitalist world economy: Contemporary capitalism is world capitalism.· And yet his motives were not unique; in a capitalist economy everybody is out to get money.· The most distinctive institution of capitalist economies is the privately owned corporation.
· The rate has been raised quite high enough to deal with overheating in the domestic economy.· Lloyd said he was concerned that a weakening domestic economy would hurt the railroads in 1996.· And strategically, Mr Healey cut public spending and brought the domestic economy back into balance.· This increase in export earnings will stimulate the domestic economy.· Trade and the free flow of capital are the winds that pull domestic economies along.· So shares linked to the domestic economy look ripe for a bit of selective picking.
· Using briefing only may be a false economy.· It would be a false economy not to treat divers.· It is false economy not to get the right expert, even though getting the right expert may be more expensive.· From a point of view of commercial work, however, this is bad practice, and false economy.· Buying less than the best is a false economy.· Do not skimp on batteries, it is a false economy.· Diane Chalmers, senior home care manager, says councillors and staff recognised that removing the service would be a false economy.
· The rest of us have precious little influence over the global economy, though our lives are deeply affected by it.· Education is the life raft he offers workers buffeted by the choppy currents of the global economy.· Clearly those who run the global economy consider success in that area the prerequisite to meeting all other challenges.· The pulp wood and timber industry is an example of how a global economy can cut both ways here.· Once countries have joined the global information economy, their development may be swift.· Second, the real medium-term danger for the global economy will be deflation rather than inflation.· Countries splinter, regional trading blocs grow, the global economy becomes ever more interconnected.
· What a growing part of agriculture all over the world had in common was subjection to the industrial world economy.· And in the United States, it was the Gilded Age that saw the new industrial economy engulf the entire continent.· Births fell and employment and real wages worsened in almost all industrial economies in the early 1930s.· The big risk is large and persistent current-account imbalances INDUSTRIAL economies had an excellent year in 1988.· The space-economy for example is simply the spatial pattern of organization created by the industrial economy; it is not an independent variable.· The implications of this are chilling in an era marked by growing, destabilising imbalances among the world's largest industrial economies.· The industrial economies now produce barely half of total world output.
· Inflation Up to the mid-1960s, inflation rates had been low in the international economy due to two major factors.· It is instructive at this point to return to the issue of national versus international economies of scale.· In fact a gold standard operated in the international economy prior to 1914 and for a period after the First World War.· The international sector Our economy is deeply enmeshed in a complex web of economic relationships with the rest of the world.· This aided the operation of the fixed exchange rate system and helped to maintain a low inflation rate in the international economy.· For the international economy it hopefully brings about a more efficient allocation of investment or financial resources.· The reader should endeavour to keep up to date with oil market developments because of their impact upon the international economy and financial system.· The various roles of agriculture will have to be seen as integral aspects of the broader rural, national and international economy.
· In the world's largest economies, that is taken for granted.· Greater savings may indeed lead to larger economies in the future.· Because of their qualitatively larger economies and military resources, Washington and Moscow confront each other as super powers.
· While the airport is the economic hub of the area, agriculture is still an important part of the local economy.· The glass and crystal sold on the roadside here are the lifeblood of the local economy.· Either way, the local economy gets the dollars.· Louis area that is designed to represent the local economy.· A three year programme of four linked projects will investigate small services sector firms in five types of local economy in Britain.· This has the implication that local economies of scale depend only on output.· Tourism is also of particular importance in some regions and may dominate the local economy.· That might be an indication that the local economy is on a downswing.
· The programme's emphasis on a mixed economy also met little resistance.· The managed mixed economy and a highly developed system of collective social provision were the means for achieving these values.· All the same, the 1988 results give Socialist defenders of the mixed economy new ammunition to fire at would-be privatisers.· What he actually offered was a vigorous defence of the mixed economy with a passing assault on Treasury investment rules.· The privatization programme has been recognized as a major break with the mixed economy consensus.· These programmes were founded on a comprehensive Welfare State system complemented by the demand management of an expanding mixed economy.· But the idea of the mixed economy was hardly less grandiose.· The situation in relation to sponsorship is, I think, quite good: I like a mixed economy.
· It was framed on the principles of modern political economy.· All three were pushed into the background, as the more compelling issues of the day-principally the modern political economy were debated.· Then Gilroy shows how these innovations have infiltrated the modern entertainment economy, especially the parts of it concerned with selling blackness.· The degree of mobility in modern economies generally precludes local communities from exerting effective sanctions on anything.· The complexities of a modern developed economy, however, make barter totally impractical for most purposes.· Yet a large public sector appeared to be an almost inevitable part of the modern economy.· It is also a waste of talent and ability which no modern economy can afford.· Angell's central argument was a simple restatement of the interdependence of modern capitalist economies.
· He has written or edited twelve books, mainly examining relationships between industrial change and regional and national economies.· Mr Stevens attributed the drop in stock price to the GulfWarrelated recession that rocked the national economy that year.· Coal mining remains important to the national economy with both deep mined and opencast output.· But now, with the national economy leaner and personal budgets tighter, an energized public is demanding more accountability.· I have discussed international competition, but of course there are also competitive pressures within the national economy.· The sluggishness in Michigan comes amid signs of a slowing national economy.· Foreign aid has actually made a larger contribution to the national economy than foreign investment in the past five years.· A larger problem is that the flat tax would work havoc in the national economy, and nobody knows what to expect.
· In ten years, the Thatcher governments transformed the political economy and the public culture.· In sum, the mixed economy is a middle way between the market and the command political economies.· It was framed on the principles of modern political economy.· The absence of competition in the command political economy can result in problems as serious as those from excessive competition.· Hence, a political economy of the urban is scarcely more plausible now than it has ever been in the past.· The economic productivity of command political economies has always been inferior to that of market political economies in comparable countries.· It involves the whole political economy of modern agriculture - and that includes consumers and politicians as well as producers.· Clearly, the state has a dominant, even an overwhelming role in this political economy.
· In the long term, seven to 10 years, most effects would be offset as the rural economy adjusted.· The rural economy and domestic industry have developed quite far in Connecticut; the people there are happy.· An interesting feature of the rural economy is the way in which these sectoral employment changes are interlinked.· Another feature of the rural economy is its relationship with urban labour markets.· The stability of the rural economy may, inpart be dependent on the effects of climatic change.· Farmers' activities, which are the backbone of the rural economy, are vital to the survival of whole communities.· The regeneration arena: housing policy as a response to the desire to revitalise declining urban centres and the rural economy.· There is nothing to suggest that the rural economy was anything but generalised, with evidence for specialisation appearing late in the period.
· Where the state's control is stronger, the economy is a disaster.· Hotels are busier these days, too, with a stronger economy allowing tourists and businesspeople to travel again.· As she goes into the election, she will be helped by the stronger economy.· Instead of spurring more output and a stronger economy, those dollars would merely bid up prices.· For instance, despite the continued strong national economy, a record 1 million people filed for personal bankruptcy protection last year.· Much of this trend is attributable to a strong economy, but there are other forces at work.· We must have a strong economy.
· The debt burden is weighing more and more heavily on the weakest economies.· Rates may continue to fall, but earnings will have a tough time climbing in a weak economy.· It builds in and reinforces their dominance, but it damages the weaker economies.· A weaker economy means inflation is less likely to eat into the value of bonds' interest and principal payments.· And Mr Bush's economic advisers fear that any extra regulation could further damage an already weak economy.· Sales across the country were slower than expected this year as consumers grappled with higher debts and concern about a weaker economy.· Brochier, which restores piping networks, has announced a restructuring plan to deal with a weak economy in its key markets.
NOUN· In other words the modern defence of the market economy is incomplete at one point.· Third, a market economy can experience major economic cycles.· The rush to a market economy is not enough: all that will bring is the destruction of the old system.· Since firms need to make profits in market economies, these projects have no long-term future.· His country may be taking the first steps to a market economy, but on the streets there are remarkably few cars.· Its emerging democratic polity and guided market economy are also similar.· The market economy provided other employment opportunities for poorer villagers.· Some analysts emphasize rising productivity and rising wages in the market economy that have made work outside the home increasingly profitable.
· In the absence of scale economy benefits, horizontal mergers are likely to be socially undesirable.· The characteristics of electronics production and marketing seem to demand companies which can combine scale economies with quick-footed innovation.· Perfect contestability, remember, assumes that any scale economies arise through fixed rather than sunk costs.· Suppose upstream scale economies are extensive.· But Weitzman claims that scale economies can not arise purely through fixed costs; that these costs must be sunk.· The argument that fixed costs are incompatible with scale economies is as follows.· But the relative strength of scale economies and political protectionism varies greatly between different communications fields.· One reason is that there may be efficiency gains from merger, e.g. due to scale economies.
VERB· Periodic emergence of such asset price bubbles is routine in even the most developed economies.· The citizens of almost all other major developed economies pay higher taxes than we do.· More supplies must be generated, they say, to feed the developing economy.· But with the collapse of global markets and parallel slowdown in developed nations' economies, the dangers have risen significantly.· He argues that classes develop in market economies in which individuals compete for economic gain.· He was energetic, open-minded, and very keen to develop the economy of his little township by whatever means possible.
· Countries splinter, regional trading blocs grow, the global economy becomes ever more interconnected.· Between 1972 and 1982, they were the fastest growing sector of the economy, in terms of employment.· Ending taxes on savings and investment would grow the economy and create new jobs, Kemp said.
· It created a wartime atmosphere which could be used to manage the economy and to generate social cohesion.· Sparse, willful and distinct, Ladd manages an enviable economy with his music.· Government was prepared to pursue a managed rather than a controlled economy.· The welfare state and the managed economy did not suddenly emerge full-blown in this period.· The managed mixed economy and a highly developed system of collective social provision were the means for achieving these values.· Plans for economic union Proposals were put forward for managing the closely interdependent economies of the republics.· The balance sheet for managing the economy is, not surprisingly, mixed.· The task of managing even so thriving an economy was difficult.
· That is why the Fed's avowed aim has been to slow the economy.· On the downside, all say the slowing national economy will hinder Texas growth.· Second, Fed officials want to avoid a move that could turn out to be unneeded and slow the economy too much.· Bush's tax cuts and the slowing economy mean that Pentagon policy choices will have to be made this year.· Some worry that certain pieces of the technology business could be hurt by a slowing economy and stiff price competition.· The results encouraged investors expecting earnings disappointments because of a slowing economy.· The sluggishness in Michigan comes amid signs of a slowing national economy.· A slowing economy lessens the threat that inflation will pick up speed.
· Her own prosperity depended to some degree on providing loans to stimulate overseas economies in which her own products could be sold.· The station, through its deejays, came to symbolize and help stimulate the segregated economy of Memphis.· This increase in export earnings will stimulate the domestic economy.· Water in Bio2 was diverted from one locality to another like so much federal spending meant to stimulate a regional economy.· In July, an anti-corruption drive was also launched to stimulate the economy.· Are we willing to sacrifice our kids for the sake of stimulating our economy?· And as Haji's factory shows, creating a market for the goods can stimulate the local economy.
PHRASES FROM THE ENTRYPHRASES FROM OTHER ENTRIES
- Analogously, large loans attract a lower interest rate than small loans because of the administrative economies of scale.
- Each has been trying to outbid the rest in an attempt to gain market share and so exploit economies of scale.
- However, just to confuse matters, economies of scale plus economies of scope do not imply subadditivity.
- The benefits of reaping economies of scale depend upon how far costs fall as output levels are increased.
- There are a number of qualifications to this prediction, apart from the possibility of economies of scale discussed above.
- This is not to say that mass markets have disintegrated or that economies of scale are irrelevant to competitive performance.
- World trade, then, allows what economists call economies of scale.
- Yet it is clear that transport costs can have important consequences in the presence of economies of scale.
- Buying less than the best is a false economy.
- Diane Chalmers, senior home care manager, says councillors and staff recognised that removing the service would be a false economy.
- Do not skimp on batteries, it is a false economy.
- From a point of view of commercial work, however, this is bad practice, and false economy.
- It is false economy not to get the right expert, even though getting the right expert may be more expensive.
- It would be a false economy not to treat divers.
- Using briefing only may be a false economy.
WORD FAMILYnouneconomicseconomisteconomyadjectiveeconomiceconomical ≠ uneconomic(al)economyverbeconomizeadverbeconomically ≠ uneconomically
1[countable] 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.Grammar guide ‒ NOUNS2[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] 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).4economies of scale technical the financial advantages of producing something in very large quantities → black economy, market economy, mixed economyCOLLOCATIONSADJECTIVES/NOUN + economystrong/healthy/sound· The new government inherited a strong economy.weak/ailing/depressed· The 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 economy· Rising 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 economy· The Japanese economy is showing signs of recovery.a large/powerful economy· the world’s two most powerful economiesa small economy· Small 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 economy· Governments are judged on how well they manage the economy.develop/expand the economy· The 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 economy· The 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 down· The 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.economy1 nouneconomy2 adjective
economyeconomy2 adjective COLLOCATIONS FROM OTHER ENTRIES the developing economies in Eastern Europe an economy drive (=effort to reduce spending) concern for the country’s flagging economy the country’s fragile economy the president’s plan to stimulate economic growth The pound was weak against the dollar. the impact of the crisis on the world economy
the developing economies in Eastern Europe (=production of goods and profit from sales inside a country)· Japan’s domestic economy expanded greatly during this period.
an economy drive (=effort to reduce spending) (=an economic system in which there are many private businesses)· An enterprise economy can generate wealth and reduce unemployment.
concern for the country’s flagging economy the country’s fragile economy (=how well a vehicle uses fuel, without wasting any)· Greater engine efficiency has led to improved fuel economy.
(=ways of saving money that are available to large organizations)· Merging these departments will create economies of scale.
the president’s plan to stimulate economic growth The pound was weak against the dollar. the impact of the crisis on the world economyPHRASES FROM OTHER ENTRIES
- Buying less than the best is a false economy.
- Diane Chalmers, senior home care manager, says councillors and staff recognised that removing the service would be a false economy.
- Do not skimp on batteries, it is a false economy.
- From a point of view of commercial work, however, this is bad practice, and false economy.
- It is false economy not to get the right expert, even though getting the right expert may be more expensive.
- It would be a false economy not to treat divers.
- Using briefing only may be a false economy.
WORD FAMILYnouneconomicseconomisteconomyadjectiveeconomiceconomical ≠ uneconomic(al)economyverbeconomizeadverbeconomically ≠ uneconomically
economy size/pack a product that is cheaper because you are buying a larger amount