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IELTS BNC: 817 COCA: 645

economy

Word family 
Related topics: Economics
e·con·o·my1 /ɪˈkɒnəmi $ ɪˈkɑː-/ ●●● S2 W1 AWL noun (plural economies)  
1  [countableC]PE the system by which a country’s money and goods are produced and used, or a country considered in this way 经济；经济制度；经济体
 a successful economy
发展成功的经济
 the slowdown in the Japanese economy
日本经济的减缓
n Grammar
You say the economy when talking about the economic system in a particular country:
Tourism is an important part of the economy.
✗Don’t say: Tourism is an important part of economy.
2  SPEND MONEY[countableC] something that you do in order to spend less money 节约措施，省钱办法
 The council must make economies to meet government spending targets.
市政会必须采取节约措施以达到政府的开支指标。
 Not insuring your belongings is a false economy (=it is cheaper but could have bad results).
不给个人财产投保实际上并不划算。
3  [uncountableU]SPEND MONEY the careful use of money, time, goods etc so that nothing is wasted 节约，节俭
 The gas fire was turned low for reasons of economy.
为了节省，把煤气取暖器开小了。
 The company announced that it would cut 500 jobs as part of an economy drive (=a way to save money).
公司宣布将裁员500人，作为节省开支的措施之一。
4. economies of scale technicalTIBBT the financial advantages of producing something in very large quantities 规模经济〔因生产规模扩大而成本降低〕
Examples from the Corpus
economies of scale• Analogously, large loans attract a lower interest rate than small loans because of the administrative economies of scale.• World trade, then, allows what economists call economies of scale.• Each has been trying to outbid the rest in an attempt to gain market share and so exploit economies of scale.• However, just to confuse matters, economies of scale plus economies of scope do not imply subadditivity.• There are a number of qualifications to this prediction, apart from the possibility of economies of scale discussed above.• Yet it is clear that transport costs can have important consequences in the presence of economies of scale.• The benefits of reaping economies of scale depend upon how far costs fall as output levels are increased.• This is not to say that mass markets have disintegrated or that economies of scale are irrelevant to competitive performance.
→ black economy, market economy, mixed economy
 COLLOCATIONS
ADJECTIVES/NOUN + economy
strong/healthy/sound 繁荣的/健康的/健全的
The new government inherited a strong economy.
新政府接手的是一个经济繁荣的国家。
weak/ailing/depressed 疲软的/不景气的/萧条的
The economy is weak and consumer confidence is low.
经济疲软，消费者信心低迷。
fragile (=weak and likely to become worse) 脆弱的
nThe country’s fragile economy depends almost exclusively on tourism.
stable (=steady, rather than being strong then weak) 稳定的
The economy has been relatively stable for the last two or three years.
最近两三年来经济相对稳定。
stagnant (=bad and not progressing or improving) 停滞的
nMeasures aimed at reviving the stagnant economy are not working.
a flagging economy (=starting to become weaker) 逐渐衰弱的经济
The government must take action to boost the flagging economy.
政府必须采取措施振兴萎靡的经济。
a booming economy (=extremely strong and successful) 迅速发展的经济
What can we learn from China’s booming economy?
我们能从中国迅速发展的经济中学到什么？
the world/global economy 世界/全球经济
Rising oil prices threaten the world economy.
油价上涨威胁世界经济。
the local/national/domestic economy (=in one particular country or area) 当地/国民/国内经济
The new factory has given a massive boost to the local economy.
新工厂大大推动了当地经济。
nthe British/American/Japanese etc economy
The Japanese economy is showing signs of recovery.
a large/powerful economy 经济大国/经济强国
the world’s two most powerful economies
世界上两个最强大的经济体
a small economy 小型经济体
Small economies like Kenya might struggle to survive in a global recession.
像肯尼亚这样的小型经济体可能要在全球经济衰退中挣扎求存。
na developing economy (=one that is getting stronger and starting to include more modern industries)
Many developing economies are investing in sources of renewable energy.
an industrial economy (=one that is based mainly on industries producing goods or materials) 工业经济
Expectations for growth in the main industrial economies remain low.
对于主要工业经济体增长的预期依然很低。
an agricultural/a rural economy (=one that is based mainly on farming) 农业经济
The early 1920s saw a rapid expansion in the American agricultural economy.
20世纪20年代初美国的农业经济迅速增长。
a service economy (=one that is based mainly on selling services such as insurance or tourism) 服务(型)经济
Britain has shifted from a manufacturing to a service economy.
英国已从制造型经济转为服务型经济。
a market/free-market economy (=based on companies producing and selling products freely, without restrictions) 市场/自由市场经济
Eastern European countries were gradually making the transition to a market economy.
东欧国家正逐渐向市场经济转型。
a capitalist/socialist economy (=based on a capitalist or socialist political system) 资本主义/社会主义经济
the large capitalist economies of western Europe
西欧资本主义经济大国
the black economy especially British EnglishBrE (=business activity in which people buy and sell goods illegally, without paying tax) 黑色[非法]经济
nIllegal immigrants have to seek work in the black economy.
verbs
manage/handle the economy 管理经济
Governments are judged on how well they manage the economy.
通过管理经济的能力来对政府进行评估。
ndevelop/expand the economy
The tax cut should help to expand the economy.
boost the economy (=make it stronger) 促进经济发展
It is hoped that the Olympic Games will boost the country’s economy.
人们希望奥运会能促进国家经济。
harm/damage the economy (=make it less successful) 损害/破坏经济
Sanctions have damaged the economy.
制裁措施使经济蒙受了损失。
destroy the economy 摧毁经济
The floods last year destroyed the region’s economy.
去年的洪水摧毁了该地区的经济。
the economy develops/expands/grows (=becomes more successful) 经济发展/增长
The economy grew by 3% last year.
去年经济增长了3%。
the economy booms (=becomes very successful very quickly) 经济迅速发展
nThe economy is booming and share prices are at an all-time high.
the economy slows down 经济放缓
The US economy is slowing down after a long period of growth.
美国经济长期增长后正逐渐放缓。
the economy recovers (=returns to normal condition after a period of trouble or difficulty) 经济复苏
nThe economy is beginning to recover from the recession.
n USAGE: Economy, economics
Don't confuse economy (=a country's economic system) and economics (=the study of how money is produced and used). You say:
He is studying economics.
✗Don’t say: He is studying economy.
Examples from the Corpus
economy• Inflation is a major problem in many South American economies.• It is impossible to quantify the exact value of the black economy.• Sparse, willful and distinct, Ladd manages an enviable economy with his music.• In a global economy, the only way to maintain a competitive edge is to lead the world in innovation.• The rush to a market economy is not enough: all that will bring is the destruction of the old system.• The republics would need to create the legal framework and conditions for market economies.• For reasons of economy, the armed forces keep equipment in service for 15 to 20 years.• For that reason, the gradual restraint of inflation and cooling of this overheated economy look impossible.• The absence of competition in the command political economy can result in problems as serious as those from excessive competition.• shadow economies that escape accurate analysis• Poland is trying to move from a centrally planned socialist economy to a free-market capitalist economy.• Low interest rates will help the economy.• Sometimes it is the economy that goes wrong.• The government's management of the economy has been severely criticized.• In the long run the economy will tend to gravitate towards a position of Walrasian equilibrium.• Quite apart from the political fallout, there is the nagging worry that the economy may already be on the brink of recession.
make economies• Non-redundancy dismissals By no means every dismissal occasioned by the need to restructure the business or to make economies is due to redundancy.
economy drive• One of the early acts of his Administration was an economy drive which included a horizontal slash in public pay.• Britain's newest taxpayer took her economy drive even further by visiting the Oxford Oxfam shop.• And the leisure department is to be ordered on to a tough economy drive, paring back all unnecessary expenditure.
economy2 adjectiveadj  
economy size/pack BUYa product that is cheaper because you are buying a larger amount 经济装，实惠装〔指比标准包装量大而便宜的包装〕
From Longman Business Dictionary
economye·con·o·my1 /ɪˈkɒnəmiɪˈkɑː-/ noun (plural economies)
1[countableC]ECONOMICS the system by which a country’s goods and services are produced and used, or a country considered in this way
the transformation from a centrally planned socialist economy to a market-led one
He expects Europe’s economies over the long run to grow faster than the US’s.
→ black economy → command economy → exchange economy → free economy → global economy → Goldilocks economy → informal economy → knowledge economy → market economy → mixed economy → parallel economy → planned economy → political economy → real economy → service economy → shadow economy
2[uncountableU] the careful use of money, goods, time etc so that nothing is wasted
For reasons of economy, the heating had been turned down.
The post office was closed as part of an economy drive (=a planned effort to cut costs).
3[countableC] a way of spending less money
Following the merger, the group should make economies of about FFr200 million next year.
As an economy measure, the company started to cut back on training.
4false economy something that seems to be a way of spending less money, but actually costs you more money in the end
Buying cheaper, poorer quality materials is often a false economy.
economyeconomy2 adjectiveadj [only before a noun]
1an economy fare, hotel etc is cheaper than other things of the same type
You can choose from a range of economy and medium-priced hotels.
2an economy-size product or packet contains more than a normal one and is cheap compared to the normal size product
a large economy-size packet of detergent
Origin economy1
(1400-1500) French Greek oikonomia, from oikonomos “manager of a house”
e·con·o·my1 noun →n GRAMMAR1 →n USAGE1
→COLLOCATIONS1economy2 adjectiveadj
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