| Noun | 1. | economy - the system of production and distribution and consumptionsector - a social group that forms part of the society or the economy; "the public sector" black economy - a hidden sector of the economy where private cash transactions go unreported; "no one knows how large the black economy really is" 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 |
| 2. | economy - the efficient use of resources; "economy of effort" efficiency - skillfulness in avoiding wasted time and effort; "she did the work with great efficiency" | |
| 3. | economy - frugality in the expenditure of money or resources; "the Scots are famous for their economy" frugality, frugalness - prudence in avoiding waste | |
| 4. | action - something done (usually as opposed to something said); "there were stories of murders and other unnatural actions" downsizing, retrenchment, curtailment - 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 |