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Definition of economy : 1. Orderly arrangement and management of the internal affairs of a state or of any establishment kept up by production and consumption; esp., such management as directly concerns wealth; as, political economy.
2. The management of domestic affairs; the regulation and government of household matters; especially as they concern expense or disbursement; as, a careful economy.
3. The system of rules and regulations by which anything is managed; orderly system of regulating the distribution and uses of parts, conceived as the result of wise and economical adaptation in the author, whether human or divine; as, the animal or vegetable economy; the economy of a poem; the Jewish economy.
4. Thrifty and frugal housekeeping; management without loss or waste; frugality in expenditure; prudence and disposition to save; as, a housekeeper accustomed to economy but not to parsimony.

Synonyms:

favorable, baggage storage, air mile, low-end, thriftiness, saving, at full stretch, lavishness, free market, capitalism, airlink, baggage check, airline, aerial, depression, thrifty, moratorium, miserliness, providence, idle, husbandry, delivery, economies, preservation, deduction, free enterprise, frugal, care, administration, accompanied baggage, the gold standard, rescue, industrialism, communism, economic, curtailment, conservation, cheap, market, economical, airfare, baggage allowance, macroeconomy, abridgment, boom and bust, boom, ungenerous, increase, affordable, untapped, carelessness, consumer confidence, credit crunch, command economy, caution, raise, economic system, disuse, parsimoniousness, automation, save, scrimping, air rage, prosperity, sparing, disused, capitalist, economics, buoyancy, inexpensive, penny-pinching, retrenchment, devoted, unused, earnings, deflation, corporatism, careful, agronomics, deliverance, cutback, competitive, skimping, outlay

moderation, stinginess, austerity, parsimony, prudence, frugality, thrift, moderateness, sparingness, restraint, self-denial, cheapness

Usage examples:

• 10. What is the supposed economy of boiling? - "A Handbook of Health", Woods Hutchinson.
• Even her efforts towards economy- for since their return from New York she had put Marthy into the kitchen and had taken entire charge of the children- irritated rather than pleased him. - "Virginia", Ellen Glasgow.
• Your pa never had no notion of economy. - "Flower of the Dusk", Myrtle Reed.