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Definitions from the Web

Definition:

Adjective: related to or concerned with the production, distribution, and consumption of goods and services.

Senses:

1. Economic as "relating to economy or economics": The term "economic" is used to describe anything relating to the study or management of the production, distribution, and consumption of goods and services.

2. Economic as "cost-effective or efficient": In this sense, "economic" refers to something that is efficient in terms of cost, time, or resources.

Synonyms:

1. Economical: Pertaining to efficiency in terms of cost, expenditure, or use of resources.

Sample sentence: It is wise to use energy-saving devices as they are more economical in the long run.

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2. Financial: Relating to money, finances, or the management of funds.

Sample sentence: The financial sector plays a crucial role in the overall economic stability of a country.

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3. Frugal: Characterized by economy, thrifty in terms of spending or consumption.

Sample sentence: She is known for her frugal lifestyle, always looking for ways to save money.

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4. Thrifty: Showing careful or wise management of money, economical in spending.

Sample sentence: Being thrifty is a valuable trait when it comes to personal financial management.

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5. Cost-effective: Efficient in terms of the costs involved in achieving a desired result.

Sample sentence: The company aims to find cost-effective solutions to reduce production expenses.

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6. Efficient: Achieving maximum productivity with minimum wasted effort or expense.

Sample sentence: The introduction of new technology in the manufacturing process has resulted in a more efficient production system.

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