noun
economy
ih-KAH-nuh-mee/ɪˈkɑːnəmi/
The system of producing, exchanging, and using goods and services in a place.
The neighborhood economy links the baker, courier, and mechanic.
Etymology
The roots describe managing a house. That household-scale idea widened to the wealth and resources of a country, providing the basis for today's sense of a system of production and resource use.
In context
if you add up all the goods and services bought and sold in the US, the actual economy
More examples
- The economy grew slowly that year.
- Several industries support the regional economy.
- The report examines changes in the world economy.
Forms
economy · economies
economic adjective — relating to production and exchange
Similar words
- economic system
- The fuller description.
- market
- The sphere of buying and selling rather than the whole economy.