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 at the lowest prices (Auditing and Assurance Standards Board (AUASB) 2008, 15)

Examples of Economy in a sentence

• Fourth Economy agrees, however, that any reports or data specifically tied to Client (but not the generalized ideas, concepts, know-how, methods, techniques, or skills utilized, gained or learned during the course of Fourth Economy performing the Scope of Work whether or not expressed or utilized in such reports or data) shall constitute property of Client.

• License: Mehwar Institution is registered with license number 4505, dated 2018/10/06, at the Ministry of Economy.

• Unless Fourth Economy and Client agree otherwise in writing, all work product developed for by Fourth Economy pursuant to this Agreement and all scope of work shall be belong to Fourth Economy, but Client shall have a limited license to use the same for the purposes herein intended.

• Fourth Economy will submit invoices to Client not more frequently than once monthly.

• These outcomes must support the regionally defined vision of World-Class Infrastructure, a Competitive Economy, and Healthy Livable Communities as adopted in The Atlanta Region’s Plan.

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

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

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