Economy is expressed as “do things efficiently (economically),” and indicates generally the effort to minimize expended resources, especially financial resources. In terms of business management or organizational management, it is about keeping financial costs low, thus an overall low consumption of resources.
Economy in practice: Economy is one of the keys to business success in a competitive environment, like efficiency or effectiveness. Economy is especially important when there is a lack of financial resources and effectiveness is used to increase profits. Economy is closely linked with the philosophy of Lean, Six Sigma, and with avoiding unnecessary waste.
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