ManagementMania AppMania EduMania JobMania BusinessPages


What is Economy
Economy indicates generally the effort to minimize expended resources, especially financial resources.

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.

Related terms and methods:

Related management field:

previous next
Did this article help you?
Rating:
Last update: 03.08.2016

Comments



You cannot contribute to the discussion because it is locked


Related consulting companiesmore...