Reading Theme:
Economy Definition: Economic System and Thrift (2 meaning)
Meaning 1：economic system (economy)
economy
/ɪˈkɑːnəmi/
n.
The system of a country or region for producing, buying, and selling goods and services, and managing its money and resources.
economic system
➕
/ˌekəˈnɑːmɪk ˈsɪstəm/
n.
The structure of production, distribution, and consumption of goods and services within a region.
📘 Details & Usage
📖 Root Explanation
From Greek 'oikonomia' (household management), combining 'oikos' (house) and 'nemein' (to manage).
💡 Mnemonic
Eco (home) + nomy (rules) = home rules for managing resources. Think of a household budget.
📖 Example
The economy of this small island nation relies heavily on tourism.
The economy of this small island nation relies heavily on tourism.
🔗 Collocations
market economy – An economic system where prices are determined by supply and demand.
global economy – The worldwide economic system linking all national economies.
economy class – The cheapest standard class of seating on an aircraft.
🔄 Synonyms
financial system (n.) – The network of institutions and markets that manage money and credit.
economic structure (n.) – The framework of production, trade, and consumption in a society.
wealth management (n.) – The administration of financial resources to achieve goals.
🚫 Antonyms
recession (n.) – A period of temporary economic decline.
bankruptcy (n.) – A state of insolvency where debts exceed assets.
poverty (n.) – The state of being extremely poor.
🌱 Derivatives
economic (adj.) – Relating to the economy or economics.
economical (adj.) – Giving good value for money; avoiding waste.
economize (v.) – To spend less; reduce expenses.
📖 Cultural Story
First formally used by Xenophon in his 4th-century BCE work 'Oikonomikos', discussing household management. Modern economic usage emerged in the 18th century.
Meaning 2：thrift (economy)
economy
/ɪˈkɑːnəmi/
n.
The careful use of money, resources, or time to avoid waste; being efficient and saving money.
thrift
➕
/θrɪft/
n.
The practice of using resources carefully to avoid waste.
📘 Details & Usage
📖 Example
He chose the smaller car for reasons of economy.
He chose the smaller car for reasons of economy.
🔗 Collocations
economy of scale – Cost advantages gained by increased production.
fuel economy – The efficiency of a vehicle in using fuel.
economy pack – A product sold in a larger quantity at a lower unit price.
🔄 Synonyms
frugality (n.) – The quality of being sparing with money or resources.
saving (n.) – The act of keeping money or resources for future use.
efficiency (n.) – Achieving maximum output with minimum wasted effort.
🚫 Antonyms
waste (n.) – The act of using resources carelessly or inefficiently.
extravagance (n.) – Lack of restraint in spending money or using resources.
lavishness (n.) – The quality of being very generous or extravagant.
🌱 Derivatives
economical (adj.) – Avoiding waste; efficient in use of resources.
economize (v.) – To reduce expenses or use resources sparingly.
economically (adv.) – In a way that avoids waste or is financially efficient.
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