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Definition

Economy

Economy is the organization of production and distribution of goods and services within a sociocultural system.

Webster Dictionary Meaning

1. Economy
- The management of domestic affairs; the regulation and government of household matters; especially as they concern expense or disbursement; as, a careful economy.
- Orderly arrangement and management of the internal affairs of a state or of any establishment kept up by production and consumption; esp., such management as directly concerns wealth; as, political economy.
- The system of rules and regulations by which anything is managed; orderly system of regulating the distribution and uses of parts, conceived as the result of wise and economical adaptation in the author, whether human or divine; as, the animal or vegetable economy; the economy of a poem; the Jewish economy.
- Thrifty and frugal housekeeping; management without loss or waste; frugality in expenditure; prudence and disposition to save; as, a housekeeper accustomed to economy but not to parsimony.
Category: Sociology
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