ECONOMY

Main Entry: ¹econ·o·my
Pronunciation: i-'kä-n&-mE, &-, E-
Function: noun
Inflected Form(s): plural -mies
Etymology: Middle French yconomie, from Medieval Latin oeconomia, from Greek oikonomia, from oikonomos household manager, from oikos house + nemein to manage -- more at VICINITY, NIMBLE
1 archaic : the management of household or private affairs and especially expenses
2 a : thrifty and efficient use of material resources : frugality in expenditures; also : an instance or a means of economizing : SAVING b : efficient and concise use of nonmaterial resources (as effort, language, or motion)
3 : the arrangement or mode of operation of something : ORGANIZATION
4 : the structure of economic life in a country, area, or period; specifically : an economic system