To use money, time, or resources carefully and efficiently to avoid waste; to save or cut costs.
From French 'économiser' and ultimately Greek 'oikonomia.' American English spelling; British English uses 'economise.' The verb emerged in the 18th century as the concept of formal economics developed.
When companies economize by cutting corners—cheaper materials, less training, reduced quality control—they often save money short-term but sometimes cause disasters like bridge collapses or plane crashes that cost far more.
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