What is economy? What is economy? Careful, thrifty management of resources, such as money, materials, or labor: learned to practice economy in making out the household budget. An example or result of such management; a saving.The system or range of economic activity in a country, region, or community: Effects of inflation were felt at every level of the economy. A specific type of economic system: an industrial economy; a planned economy. An orderly, functional arrangement of parts; an organized system: "the sense that there is a moral economy in the world, that good is rewarded and evil is punished” ( George F. Will). Efficient, sparing, or conservative use: wrote with an economy of language. The least expensive class of accommodations, especially on an airplane.Theology The method of God's government of and activity within the world.Economical or inexpensive to buy or use: an economy car; an economy motel.