The word "economy" is used when describing the management of money.
- High or low gas prices have an impact on the economy.
- The U.S. economy was hit hard by the housing crisis in 2008.
- How is your nation’s economy doing?
- Unemployment is a drag on the economy. (It slows down growth.)
The word "economic" is an adjective. It refers to an economy.
- World leaders attended an economic forum.
- Economic decisions are made by leaders in business and government.
- The development of a new mass transit system led to dramatic economic growth for the area.
The word "economical" is also an ajdective. We use it in reference to saving money. Anyone can do something that seems economical.
- My friend, Vanessa, drives an economical car. It’s inexpensive and it doesn’t use a lot of gas.
- Ditching the car in favor of a bike was an economical decision.
- A bulk purchase can be quite economical as long as you consume all of it. (bulk = large quantity)
- Moving to solar power turns out to be smart and economical for homeowners.
The word "economize" is a verb.
- John and Helen are economizing by buying things in bulk.
- My neighbor economizes on food by growing and preserving vegetables from her garden.
- Our city government needs to economize and lower taxes.
Here are some more examples of how the word "economy" and other similar words are used:
- An economist is a person who studies and makes suggestions regarding an economy.
- Brian is in college studying economics.
- This section of the parking lot is reserved for economy cars.
- They’re flying economy class. (inexpensive seats)
- This area is doing very well economically. (The word "economically" is an adverb.)
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February 5, 2015