economy

Universal Words noun (plural economies) 1 (often the economy) [C] the relationship between production, trade and the supply of money in a particular country or region: The economy is in recession. * the world economy * a market economy (= one in which the price is fixed according to both cost and demand) 2 [C] a country, when you are thinking about its economic system: Ireland was one of the fastest-growing economies in Western Europe in the 1990s. 3 [C,U] the use of the time, money, etc. that is available in a way that avoids waste: We need to make substantial economies. * It's a false economy to buy cheap clothes (= it seems cheaper but it is not really since they do not last very long). * She writes with a great economy of words (= using only the necessary words). * (BrE) We're on an economy drive at home. (= trying to avoid waste and spend as little money as possible) * Buy the large economy pack! (= the one that gives you better value for money) * to fly economy (class) (= by the cheapest class of air travel) * an economy fare (= the cheapest)