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noun | adjective economyeconomy1 /ɪˈkɑnəmi/ ●●● S3 W1 AWL noun (plural economies) ETYMOLOGYeconomy1Origin: 1400-1500 French Greek oikonomia, from oikonomos manager of a house adjectives/nouns + economy► a strong/healthy/sound economy The country currently has a strong economy. ► a weak/ailing/depressed economy The economy is weak and many people have lost their jobs. ► a fragile economy (=likely to suddenly become worse) The country’s fragile economy depends almost exclusively on tourism. ► a stable economy (=steady, rather than being strong and then weak) The economy has been relatively stable for the last two or three years. ► a sluggish/stagnant economy (=bad and not progressing or improving) These policies were intended to help the stagnant economy, but they are not working. ► a growing economy (=one that is getting stronger and bigger) China’s growing economy is one of the biggest in the world. ► a booming economy (=extremely strong and successful) What can we learn from China’s booming economy? ► a slowing/flagging/weakening economy (=starting to become weaker) The government must take action to help the flagging economy. ► the world/global economy Rising oil prices threaten the world economy. ► the local economy (=in one city or area) The new factory has given a big boost to the local economy. ► the national/domestic economy (=in one country) The national economy is doing very well because of the green technology the country produces. ► a large/powerful economy China and the U.S. are two of the world’s most powerful economies. ► a small economy Small economies like Kenya might struggle to survive in a global recession. ► an industrial/manufacturing economy (=one that is based mainly on industries producing goods or materials) Expectations for growth in the main industrial economies remain low. ► an agricultural/rural economy (=one that is based mainly on farming) In the early 1920s there was enormous growth in the American agricultural economy. ► a service economy (=one that is based mainly on selling services such as insurance or tourism) The U.S. has shifted from a manufacturing to a service economy. ► an information economy (=one that is based mainly on the buying and selling of knowledge and the use of the Internet) Until recently there have been few rules and government regulations that affect the information 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 economy (=based on a capitalist system) The large capitalist economies of Western Europe were struggling. verbs► the economy develops/expands/grows (=becomes more successful) The economy grew by 3% last year. ► the economy slows down The U.S. 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. ► the economy booms (=becomes very successful very quickly) The economy is booming and share prices are at an all-time high. ► manage/handle the economy Governments are judged on how well they manage the economy. ► stimulate/strengthen the economy (also boost the economy informal) (=make it stronger) It is hoped that the Olympic Games will stimulate the country’s economy. ► grow the economy (=make it become bigger and stronger) Both parties say they have solutions that will grow the economy. ► hurt/harm/damage the economy (=make it less successful) The decrease in exports has damaged the economy. ► slow the economy (=make it weaker) The lower demand for goods and services has slowed the economy. ► destroy the economy The floods last year destroyed the region’s economy. 1[countable] social studies, economics the system by which a country’s money and goods are produced and used, or a country considered in this way: Low interest rates will help boost the economy. There has been a slowdown in the world economy. → see Word Choice at economics2[uncountable] economy class3[uncountable] the careful use of money, time, goods, etc. so that nothing is wasted: For reasons of economy, only a few copies were made.4[uncountable] the use of only as much energy, effort, words, etc. as necessary: The runner’s economy of movement means that he does not use as much energy as other runners do.5a false economy something that seems cheaper than something else at first, but which will cause you to spend more money later: Not insuring your home and the things in it is a false economy.6economies of scale social studies, economics the financial advantages of producing something in very large quantities, because the cost per piece is lower: The large numbers of customers for the new computer technology will result in some economies of scale. [Origin: 1400–1500 French, Greek oikonomia, from oikonomos manager of a house] → see also market economy, mixed economyCOLLOCATIONSadjectives/nouns + economya strong/healthy/sound economy The country currently has a strong economy.a weak/ailing/depressed economy The economy is weak and many people have lost their jobs.a fragile economy (=likely to suddenly become worse) The country’s fragile economy depends almost exclusively on tourism.a stable economy (=steady, rather than being strong and then weak) The economy has been relatively stable for the last two or three years.a sluggish/stagnant economy (=bad and not progressing or improving) These policies were intended to help the stagnant economy, but they are not working.a growing economy (=one that is getting stronger and bigger) China’s growing economy is one of the biggest in the world.a booming economy (=extremely strong and successful) What can we learn from China’s booming economy?a slowing/flagging/weakening economy (=starting to become weaker) The government must take action to help the flagging economy.the world/global economy Rising oil prices threaten the world economy.the local economy (=in one city or area) The new factory has given a big boost to the local economy.the national/domestic economy (=in one country) The national economy is doing very well because of the green technology the country produces.a large/powerful economy China and the U.S. are two of the world’s most powerful economies.a small economy Small economies like Kenya might struggle to survive in a global recession.an industrial/manufacturing economy (=one that is based mainly on industries producing goods or materials) Expectations for growth in the main industrial economies remain low.an agricultural/rural economy (=one that is based mainly on farming) In the early 1920s there was enormous growth in the American agricultural economy.a service economy (=one that is based mainly on selling services such as insurance or tourism) The U.S. has shifted from a manufacturing to a service economy.an information economy (=one that is based mainly on the buying and selling of knowledge and the use of the Internet) Until recently there have been few rules and government regulations that affect the information 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 economy (=based on a capitalist system) The large capitalist economies of Western Europe were struggling.verbsthe economy develops/expands/grows (=becomes more successful) The economy grew by 3% last year.the economy slows down The U.S. 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.the economy booms (=becomes very successful very quickly) The economy is booming and share prices are at an all-time high.manage/handle the economy Governments are judged on how well they manage the economy.stimulate/strengthen the economy (also boost the economy informal) (=make it stronger) It is hoped that the Olympic Games will stimulate the country’s economy.grow the economy (=make it become bigger and stronger) Both parties say they have solutions that will grow the economy.hurt/harm/damage the economy (=make it less successful) The decrease in exports has damaged the economy.slow the economy (=make it weaker) The lower demand for goods and services has slowed the economy.destroy the economy The floods last year destroyed the region’s economy. noun | adjective economyeconomy2 AWL adjective [only before noun] THESAURUSlow price► cheap not expensive, or lower in price than you expected: My flight to Reno was really cheap. I bought the cheapest computer I could find. ► inexpensive not expensive, but usually of good quality: The furniture is inexpensive, but it is well-made. ► affordable cheap enough for people to be able to buy: The city needs affordable housing. ► economical cheap when compared to other possibilities: It’s actually more economical if we stay four nights because of the discount. ► budget/economy budget or economy flights, airlines, hotels, etc. have very low prices: I got a budget flight to Washington for less than $100. ► a bargain (also a good/great deal) used to describe something that is worth more money than you paid for it: At this price, the car is a bargain. ► (a) good/great/excellent value worth at least the price you pay for it. Used especially in advertising: The burger special is a good value. ► low a low price, rent, or fee is not high: The rent is very low – only $500 a month. ► reasonable a reasonable price is not too high and seems fair: The restaurant serves good food at reasonable prices. ► competitive a competitive price is cheaper than or the same as prices for other similar things: The store’s prices on electronic goods are very competitive. ► bargain/discount a bargain or discount price is a special price that is lower than the usual price: They sell things at discount prices because of a deal they have with the supplier. ► low-cost a low-cost product or service is always sold at a lower price than similar things. You can also use low-cost about companies that sell these products or services: The state also provides low-cost health care for the unemployed. an economy size/pack/package etc. a large product that costs less per pound, piece, etc. compared to smaller-sized packages
► see thesaurus at cheap1 |