What does economy mean?
Word: Economy
Part of Speech: Noun
Meaning: Economy means the way a country or area makes, spends and shares out its money, goods and services. It can also mean careful use of money or things so that nothing is wasted.
Synonyms: thrift
Antonyms: waste
How do you spell economy?
Syllables: e - con - o - my
Tricky part: It starts with e, not i, although many people say the first sound like the i in it.
Watch out for: iconomy, ikonomy
Memory tip: Earn, Count, Order: three jobs in any economy, and their first letters, e-c-o, start the word.
Economy in a sentence
Example 1: India's economy has grown quickly over the last thirty years.
Example 2: Farming is still very important to the economy of Punjab.
Example 3: We flew economy class, so the seats were smaller but much cheaper.
Fun Fact
Economy comes from Greek oikonomia, the running of a household: long before it meant a country's money, it meant managing a home well.
Practise the CREST Way
Word Connection
Choose the antonym of the word:
economy
a) extravagance
b) budget
c) industry
d) finance
Show answer
a) extravagance. In the sense of careful spending, economy is the opposite of extravagance, spending far too much.
Mingle-Mangle
Form a meaningful word from the jumbled letters:
omocyne
a) ecology
b) autonomy
c) economy
d) monarchy
Show answer
c) economy. There is an m and an n in the jumble but no l or a, which leaves one choice.
Word Cookie
Find the misspelt word in the sentence:
Tourism is a big part of Goa's econamy, especially in the winter months.
a) econamy
b) especially
c) Tourism
d) winter
Show answer
a) econamy. Both vowels after the c are o, as in the subject economics.
Spell-o-Spell
Choose the incorrectly spelt word:
a) taxation
b) inflation
c) currency
d) economey
Show answer
d) economey. The ending is a plain my with no e, as in astronomy.
Multiple Choice Questions
1. Which group of things is most closely linked to a country's economy?
a) jobs, prices and trade
b) songs, dances and poems
c) maps, flags and anthems
d) rivers, hills and forests
Show answer
a) jobs, prices and trade
2. Which of these is an example of economy in the home?
a) throwing away good leftover food
b) leaving the fan on in empty rooms
c) switching off lights when you leave
d) buying a new phone every few months
Show answer
c) switching off lights when you leave
