Economically

Economically describes a manner related to the production, distribution, and consumption of goods and services. It often refers to efficiency in the use of resources, the financial well-being of individuals or nations, and the overall management of money and assets. It emphasizes the practical aspects of resource management, aiming to achieve desired outcomes with the least amount of waste or cost. It can also relate to the financial strength of a region, market or organisation. This can include factors such as industrial output, and consumption, trade and savings.

Economically meaning with examples

• The factory decided to automate certain processes to operate more economically. This decision, driven by the aim to cut labor costs, resulted in increased efficiency and boosted productivity. The goal was to become more competitive in the market by providing products at a lower price point without compromising quality, all while improving the firm's profit margins.
• The government implemented tax incentives designed to encourage businesses to invest in renewable energy sources, hoping for them to be utilized more economically. This strategy aimed to lessen dependency on fossil fuels, mitigate climate change, and stimulate economic growth. The measures would ideally support new jobs and strengthen national economic resilience.
• The family decided to live more economically after a change in their financial circumstances, planning a budget carefully and reducing discretionary spending. They started by evaluating their spending habits, identifying areas where they could cut back, and making smart choices to make their resources go further, such as buying in bulk.
• The construction company adopted lean principles in its project management to build structures more economically. This involved streamlining processes, reducing waste, and improving resource allocation to lower costs and shorten project timelines. The focus was on delivering high-quality results while avoiding unnecessary expenses.
• The city invested in public transportation options to transport citizens more economically. This improved urban mobility whilst at the same time reducing traffic congestion, and lessening air pollution, which reduced the environmental and social costs and fostered a more sustainable city for residents by also potentially boosting the local economy.