Meaning

noun the system of production and distribution and consumption

noun the efficient use of resources

noun frugality in the expenditure of money or resources

originFrom Middle English yconomye, yconomy, borrowed via Old French [Term?] or Medieval Latin from Latin oeconomia, from Ancient Greek οἰκονομία (oikonomía, “management of a household, administration”), from οἶκος (oîkos, “house”) + νέμω (némō, “distribute, allocate”). By surface analysis, eco- + -nomy. The first recorded sense of the word economy, found in a work possibly composed in 1440, is “the…

Etymology from Wiktionary, CC BY-SA 3.0