Economy definition

Economy means minimising the costs of resources used for an activity (input), while maximising quality; ‘efficiency’ is the relationship between outputs and the resources used to produce them.

Economy means the acquisition of the appropriate quality and quantity of financial, human, physical and information resources at the appropriate times and at the lowest cost.

Economy means the acquisition of the appropriate quality and quantity of resources at the appropriate time and the lowest prices. (Auditing and Assurance Standards Board (AUASB) 2008, 15)

Examples of Economy in a sentence

• Regulation of the Minister of Family, Labor and Social Policy of 12 June 2018 on the maximum allowable concentrations and intensities of factors harmful to health in the work environment (Journal of Laws of 2018, item 1286).Announcement of the Minister of Economy, Labor and Social Policy of August 28, 2003 on the publication of the unified text of the Ordinance of the Minister of Labor and Social Policy on general health and safety at work regulations (Journal of Laws of 2003, No. 169, item 1650) .

• The expense will be to and fro Economy Airfare, Local Conveyance, Boarding and Lodging of the inspection team for the inspection period.”8.2 The Technical Specification and Quality Control Requirements incorporated in the contract shall specify what inspections and tests are to be carried out and, also, where and how they are to be conducted.

• Article 251-5Any advertisement or message disseminated by the foreign market must include the information that it has been recognised by the Minister for the Economy, under the terms of Article D.

• Neither the Ministry of Economy nor the Dubai Department of Economic Development have approved the Plan or the Agreement nor taken steps to verify the information set out therein, and have no responsibility for such documents.

• DOE will fund a DOE/NNSA National Laboratory contractor through the DOE field work authorization system or other appropriate process and will fund non-DOE/NNSA FFRDC contractors and other Federal agencies through an interagency agreement in accordance with the Economy Act, 31 U.S.C. 1535, or other statutory authority.

More Definitions of Economy

Economy means the service listed in carrier's official general schedule as economy flights.

Economy means taking into account factors such as price, quality, and any other non- price attributes, as appropriate, without adversely affecting the viability of the project.

Economy means the global system of managing resources and of producing, distributing and consuming goods, materials and services.

Economy means discussing the various trade-offs of costs vs minimal acceptable performance.

Economy means acquiring resources at the competitive lowest cost without compromising the quality with regards to the objectives of a local government;

Economy means that the assets used by the public fund beneficiary for conducting its activities should be available on time, in adequate quantity, with adequate quality and at the most favourable price;

Economy means minimising the cost of resources used or required to achieve priority objectives;