economy
UK[ɪˈkɒnəmi]US[ɪˈkɑːnəmi]
n
the system by which a country's money, goods, and services are produced and used
n
careful management of money, resources, or time to avoid waste
Morpheme Breakdown
eco
nomy
eco
household
nomy
management
Etymology
the word economy has its roots in the greek term 'oikonomia', which literally meant household management. this term was a compound of 'oikos' (house) and 'nomos' (law or management), reflecting the practical administration of domestic resources. through latin and later french, the concept evolved from managing a single household to the systematic management of a community's or state's resources. the modern abstract sense, referring to the large-scale production and distribution system of a nation, retains the core idea of organized management but on a vastly expanded scale.
Analysis
Structure: eco (household) + nomy (management)
eco originates from greek 'oikos' meaning house, household, or family. nomy originates from greek 'nomos' meaning law, custom, or management.
Examples
the government is implementing new policies to strengthen the economy.
flying economy class is a more budget-friendly travel option.
she practices economy by turning off lights and recycling.