economic
/ˌiːkəˈnɒmɪk/
The word carries two distinct personas: one is clinical and systemic, while the other is practical and frugal. In its systemic sense, it describes the macro-level machinery of a society—money, trade, and resources. It feels neutral and academic, often appearing in news reports or policy documents to describe the 'big picture' of how wealth moves. In its practical sense, it shifts toward efficiency and thrift. Here, it is closely related to "economical," focusing on the avoidance of waste. While "economic" usually refers to the system, when used to mean "efficient," it suggests a lean, optimized approach where nothing is squandered.
💬Casual Conversation
Chloe's trying to buy another 'vintage' lamp. Her economic state is a joke.
She needs to get her act together before finals.
Meanings
Relating to the economy or the system of production, distribution, and consumption of goods and services.
"The government is implementing new economic policies to curb inflation."
Collocations & Compounds
economic growth
An increase in the amount of goods and services produced per head of population over a period of time.
economic policy
The actions that governments take in the economic field to influence the economy.
economic crisis
A sudden and severe downturn in an economy, often characterized by a crash in asset prices.
economic incentive
A financial reward or penalty used to encourage specific behaviors or choices.
economic stability
A state in which an economy experiences low inflation and consistent growth without extreme volatility.
Idioms & Sayings
economic miracle
a period of rapid and unexpected economic growth
The country experienced an economic miracle after the trade reforms of the 1980s.
economic downturn
a decline in economic activity
Many small businesses struggled to survive during the severe economic downturn.
economic bubble
a situation where asset prices rise far above their intrinsic value
The housing market became an economic bubble that eventually burst in 2008.
economic incentive
a financial reward offered to encourage a specific behavior
The government provided an economic incentive for homeowners to install solar panels.
economic divide
the gap in wealth and opportunity between different social groups
The new policy aims to bridge the economic divide between urban and rural populations.
Etymology
Derived from the Greek 'oikonomikos', from 'oikos' (house) and 'nomos' (law/management), meaning 'relating to the management of a household'. It entered English via the French 'économique' and Latin 'oeconomicus'.