Okuzeka
Economics vocabulary · Core Concepts

Economy

Meaning in economics, with examples

/ɪˈkɒnəmi/nounCore term

In economics, economy means: The whole system by which a country or region produces, sells, buys and uses goods and services, including its businesses, workers, money and government.

In Turkish: ekonomi, ülke ekonomisi

How it is used

One of the most frequent words in the news. Economies grow, slow down, shrink or recover; reports compare the world's largest economies and talk about the global, national or local economy. It is countable when you mean a particular country's economy.

Example sentences

  1. The economy grew by 0.4% in the third quarter, slightly faster than analysts had expected.

  2. Tourism makes up a large share of the local economy along the coast.

Common collocations

  • the global economy
  • a strong economy
  • boost the economy
  • the economy grows
  • emerging economies
  • macroeconomicsThe branch of economics that studies the economy as a whole, including total output, inflation, unemployment, interest rates and government policy.
  • GDPShort for gross domestic product: the total value of all final goods and services produced within a country in a given period, usually a quarter or a year.
  • economic growthAn increase in the amount of goods and services an economy produces over time, usually measured as the percentage change in real GDP.
  • marketAny arrangement, physical or online, where buyers and sellers meet to exchange goods, services or assets, and where prices are formed.

More terms: Core Concepts

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This page explains English vocabulary for learners. It is not financial advice.