"economy" | Definition and Related Words

economy

Noun

The system of production and distribution and consumption (synset 108383680)
is a type of: scheme, system - a group of independent but interrelated elements comprising a unified whole
subtypes:
- industrialism - an economic system built on large industries rather than on agriculture or craftsmanship
- free enterprise, laissez-faire economy, market economy, private enterprise - an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
- mixed economy - an economic system that combines private and state enterprises
- non-market economy - an economy that is not a market economy
- state capitalism - an economic system that is primarily capitalistic but there is some degree of government ownership of the means of production
- state socialism - an economic system in which the government owns most means of production but some degree of private capitalism is allowed
has:
- sector - a social group that forms part of the society or the economy
- black economy - a hidden sector of the economy where private cash transactions go unreported
same as: economic system
The efficient use of resources (synset 105652572)
"economy of effort"

is a type of: efficiency - skillfulness in avoiding wasted time and effort
Frugality in the expenditure of money or resources (synset 104900982)
"the Scots are famous for their economy"

is a type of: frugality, frugalness - prudence in avoiding waste

same as: thriftiness
An act of economizing;
Reduction in cost (synset 100193462)
"it was a small economy to walk to work every day"; "there was a saving of 50 cents"

is a type of: action - something done (usually as opposed to something said)
subtypes:
- curtailment, downsizing, retrenchment - the reduction of expenditures in order to become financially stable
- economy of scale - the saving in cost of production that is due to mass production
same as: saving

economy

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