Economy
/ɪˈkɒnəmi/
Definitions
- (n.) The system by which goods and services are produced, distributed, and consumed in a country or region.
The country's economy showed signs of recovery after the recession.
- (n.) Careful management and avoidance of waste in the use of resources.
Economy in the use of materials is essential in contract performance.
Forms
- economies
Related terms
See also
Commentary
In legal contexts, 'economy' often refers to resource management within contractual or governmental frameworks rather than purely financial systems.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.