Economy vs Efficiency - What's the difference?
economy | efficiency |
Effective management of the resources of a community or system.
Collective focus of the study of money, currency and trade, and the efficient use of resources.
Frugal use of resources.
* Jonathan Swift
The system of production and distribution and consumption. The overall measure of a currency system; as the national economy.
* {{quote-magazine, date=2013-08-31, volume=408, issue=8851, magazine=(The Economist)
, title= (theology) The method of divine government of the world.
(archaic) Management of one’s (l).
Cheap to run; using minimal resources; representing good value for money.
The extent to which time is well used for the intended task.
* {{quote-news
, year=2012
, date=September 7
, author=Phil McNulty
, title=Moldova 0-5 England
, work=BBC Sport
(dated) The quality of producing an effect or effects.
* Hooker
The extent to which a resource, such as electricity, is used for the intended purpose; the ratio of useful work to energy expended.
(United States) A one-room apartment.
As nouns the difference between economy and efficiency
is that economy is effective management of the resources of a community or system while efficiency is the extent to which time is well used for the intended task.As an adjective economy
is cheap to run; using minimal resources; representing good value for money.economy
English
Alternative forms
*Noun
(wikipedia economy) (economies)- I have no other notion of economy than that it is the parent to liberty and ease.
Horns of a trilemma, passage=An economy open to free movement of capital can keep a fixed exchange rate, for example, only by subjugating monetary-policy goals to its defence—by raising interest rates sharply, say, when capital outflows put downward pressure on the currency. Yet the trilemma also implies that an economy can enjoy both free capital flows and an independent monetary policy, so long as it gives up worrying about its exchange rate.}}
Derived terms
* collaborative economy * command economy * economic * economical * economist * economize * market economy * peer-to-peer economy * planned economy * sharing economyAdjective
(-)- "He bought an economy car."
- "Economy size".
Anagrams
*efficiency
English
Noun
- The efficiency of the planning department is deplorable.
citation, page= , passage=The display and result must be placed in the context that was it was against a side that looked every bit their Fifa world ranking of 141 - but England completed the job with efficiency to record their biggest away win in 19 years.}}
- The manner of this divine efficiency being far above us.
- The efficiency of this loudspeaker is 40%.
- I have an efficiency available June through July.
- fully-furnished efficiencies