Economic Meaning
Economic Definition & Usage
Relating to the economy or the system of production, distribution, and consumption of goods and services.
Examples
- "The government introduced several economic policies to reduce inflation."
- "Economic growth in the region has slowed significantly over the past year."
- "Her research focuses on the economic impact of renewable energy solutions."
- "The company is looking for economic ways to reduce costs without affecting quality."
- "Many countries are experiencing economic challenges due to the global pandemic."
Cost-effective or efficient in terms of resource usage, especially when considering money or effort.
Examples
- "The new design is not only aesthetically pleasing but also highly economic, requiring fewer materials."
- "It would be more economic to take the train than drive, considering the cost of gas."
- "He prefers to buy the economic option when it comes to gadgets."
- "Switching to electric cars could be a more economic choice in the long term."
- "The economic way to deal with this situation is by reducing waste."
Concerned with or contributing to financial success or wealth.
Examples
- "They are part of an economic elite who control most of the country's wealth."
- "Economic policies that favor the wealthy tend to increase inequality."
- "The city has become a major economic hub for the tech industry."
- "She works in economic development, helping impoverished areas improve their financial situations."
- "Economic disparity between urban and rural areas is a persistent issue in many countries."
Cultural Context
The word 'economic' originates from the Greek word 'oikonomikos,' meaning 'pertaining to household management,' which evolved to encompass broader societal and financial systems. The rise of industrialization and globalization in the 19th and 20th centuries expanded its usage to refer to national and global economic systems.
The Economic Decision
Story
The Economic Decision
It was a chilly morning in the heart of the city, and Clara sat across from her boss, Mr. Walters, in his polished office. They were discussing the future of their company, which had been facing serious competition from international giants. 'We need to think about our economic strategy,' Mr. Walters said, adjusting his glasses. 'Our focus should be on cutting costs, increasing efficiency, and improving our overall economic footprint.' Clara nodded thoughtfully. She knew that the company's survival depended not only on finding new revenue streams but also on ensuring they were being as economical as possible with their resources. She had recently completed a report on how they could save thousands of dollars annually by switching to more energy-efficient machines in their production line. 'I'm working on a few ideas that could make us more economic in the long run,' Clara said, tapping her tablet to bring up a few graphs. 'By reducing waste and optimizing energy use, we could cut down on production costs without sacrificing quality.' Mr. Walters raised an eyebrow. 'How do you think this will impact our bottom line?' he asked. 'Well, if we implement these changes, the economic benefits could be substantial,' Clara explained. 'We'll reduce overhead, and in the process, contribute positively to the environment too.' As they discussed, Clara reflected on her upbringing in a small town. Her parents had always emphasized the importance of being 'economical,' whether it was fixing old tools instead of buying new ones or growing vegetables in their garden to save money. But the word 'economic' had a broader meaning now. It wasn't just about household savings; it was about making strategic decisions that could influence entire industries. Later that day, Clara had a meeting with the sustainability team. 'We need to think about the broader economic implications of our choices,' she told them. 'If we invest in greener technologies now, we will be ahead of our competitors.' As she left the office, Clara was satisfied with the progress they had made. She was confident that their company would be able to stay competitive not just in financial terms but also by becoming more socially and environmentally responsible. Economic success wasn't just about wealth; it was about making choices that would sustain them in the future.
Related Words
