Economic Meaning

/ˌiːkəˈnɒmɪk/
B1

Definition, CEFR level B1, pronunciation, examples, and quiz.

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adjPertaining to an economy.

adjFrugal; cheap (in the sense of representing good value); economical.

More money for education will spur economic growth.
We should not use foreign workers as a buffer against Japan's economic slowdown.
The new trade agreement should facilitate more rapid economic growth.
Synonyms:
Antonyms:
None
CEFR Practice Quiz
The ____ recession forced many factories to close and lay off thousands of workers.
CEFR Practice Quiz (Alternate)
More money for education will spur ____ growth.

The noun is derived from Middle English economike, iconomique (“household management”), and then: * from Middle French iconomique, oeconomique, and Old French iconomike (“(noun) household management; person in charge of household management; (adjective) relating to household management; relating to domestic or family matters; relating to management of a state; reducing costs or expenses, economical”) (modern French économique); and * from their etymon Latin oeconomicus (“(noun) household manager, housekeeper, steward; (adjective) relating to orderly arrangement of written material”) (whence Late Latin economicus (“relating to (management of) a household”)), and economica (“household management”), both from Ancient Greek οἰκονομῐκός (oikonomĭkós, “skilled in household management; frugal, thrifty, economical”) (whence Koine Greek οἰκονομῐκός (oikonomĭkós, “relating to orderly arrangement of written material”)); from οἰκονόμος (oikonómos, “master of a house; household manager, steward; administrator, manager”) + -ῐκός (-ĭkós, suffix meaning ‘of or relating to’ forming adjectives). Οἰκονόμος (Oikonómos) is derived from οἶκος (oîkos, “dwelling place, house; estate”) (ultimately from Proto-Indo-European *weyḱ- (“(verb) to enter in; to settle; (noun) settlement”)) + νόμος (nómos, “law, ordinance”) (from νέμω (némō, “to distribute; to possess”) (ultimately from Proto-Indo-European *nem- (“to distribute; to give; to take”)) + -ος (-os, suffix forming o-grade action nouns from verbs)). Noun sense 2.2 (“one who manages the income of a vacant benefice”) is from Italian economo, from Late Latin oeconomus (“housekeeper, steward; administrator, especially of a religious foundation”), from Ancient Greek οἰκονόμος (oikonómos, “master of a house; household manager, steward; administrator, manager”): see above. The adjective is derived from the noun; compare the adjective senses in Middle and Old French, Latin, and Ancient Greek. By surface analysis, economy + -ic.

"Economics is a messy discipline: too fluid to be a science, too rigorous to be an art. Perhaps it is fitting that economists’ most-used metric, gross domestic product (GDP), is a tangle too. GDP measures the total value of output in an economic territory. Its apparent simplicity explains why it is scrutinised down to tenths of a percentage point every month." — 2013 August 3, “Boundary problems”, in The Economist, volume 408, number 8847, London: The Economist Group, →ISSN, →OCLC, archived from the original on 11 Mar 2023:
"There is much talk of tyranny in the political realm, but little is said about the tyrannies in the economic realm, a primary one being the tyranny of high costs: high costs crush the economy from within and enslave those attempting to start enterprises or keep their businesses afloat." — 2021 January 7, Charles Hugh Smith, The Tyranny Nobody Talks About, archived from the original on 20 May 2022:
"And doth employ her Oeconomick Art, and buisy Care, her Houshold to preserve" — 1714 [1599], John Davies, edited by Nahum Tate, The Original, Nature, and Immortality of the Soul, 2nd edition, London: Hammond Banks, page 64:

Explore More B1 Vocabulary Words

CEFR Practice Quiz
The ____ recession forced many factories to close and lay off thousands of workers.
CEFR Practice Quiz (Alternate)
More money for education will spur ____ growth.

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