economic meaning

[ ˌi:kə'nɔmik ] Pronunciation:   "economic" in a sentence
Adjective: economic  `eeku'nómik
  1. Of or relating to an economy, the system of production and management of material wealth
    "economic growth"
    - economical 
  2. Of or relating to the science of economics
    "economic theory" 
  3. Using the minimum of time or resources necessary for effectiveness
    "an economic use of home heating oil"
    - economical 
  4. Concerned with worldly necessities of life (especially money)
    "he wrote the book primarily for economic reasons"; "gave up the large house for economic reasons"; "in economic terms they are very privileged" 
  5. Financially rewarding
    "it was no longer economic to keep the factory open"; "have to keep prices high enough to make it economic to continue the service"

See also: economically, economics, economy, efficient, profitable, secular, socioeconomic, temporal, worldly

Encyclopedia: Economic Economic, Social, and Cultural Council Economic, Social and Cultural Council


[Business]
AmE / adjective

SOCIO-ECONOMIC

1 [only before noun]

connected with the trade, industry and development of wealth of a country, an area or a society:

social, economic and political issues

Exports account for two-thirds of our economic activity.

He blamed the drop in sales on the global economic downturn.

The economic outlook remains positive.

In the current economic climate, consumers are unwilling to spend.

the government's economic policy

economic activity/development/growth/reform/weakness an economic boom/recovery/upturn an economic crisis/downturn/slowdown the economic climate/conditions/environment/outlook/situation economic data/figures/reports/research

2

(about a process, a business or an activity) producing enough profit to continue:

The company will have to get rid of staff if it is to remain economic.

SYN PROFITABLE OPP UNECONOMIC

3

that costs less money or uses less time, materials or effort:

In this case, trains would be more economic for transporting the goods.

an economic use of resources

SYN ECONOMICAL OPP UNECONOMIC

WHICH WORD?

economic/economical

These two adjectives are often confused.

Economical relates to the cost of things. Something is economical if it provides good value for the amount of money you spend on it:

It was more economical to hire the vehicles than to buy them.

In its most common sense, economic only appears before nouns and its meaning is connected with the word economy and the subject of economics. It is used mainly when describing the financial situation of a country:

the region's gradual economic recoveryeconomic reforms

Less commonly, economic is used to mean 'making enough profit' or as a synonym of economical. In these senses the word can appear before or after the noun.

Examples

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  1. mother works economic advantages accrue.
  2. law is the reflection of economic conditions.
  3. economics is a nomothetic science.
  4. economics interests itself in money and credit.
  5. remarkable economic results have been achieved.

Related Words

  1. econometric models meaning
  2. econometrical meaning
  3. econometrician meaning
  4. econometrics meaning
  5. econometrist meaning
  6. economic action meaning
  7. economic agent meaning
  8. economic aid meaning
  9. economic and social council meaning
  10. economic and social council commission meaning
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