economize

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economize

vb. to produce:
  1. a given OUTPUT of a product using fewer FACTOR INPUTS than previously;
  2. more output than before from the same amount of factor inputs;
  3. a given output of a product at lower cost than before by substituting cheaper factor inputs for more expensive ones in the production process (the ‘ideal’ or optimum position is attained when the largest possible output is produced from a given volume of factor inputs using available technology);
  4. a given output at the least possible factor cost. See PRODUCTIVITY, EFFICIENCY, ECONOMICS, PRODUCTION POSSIBILITY BOUNDARY.
References in periodicals archive ?
Being a senior citizen I walk or catch a bus when I can to save using the car and I economise whenever I can in the home.
Following the merger of Radio-Tech with HWM earlier this year, the Economise range of wireless energy management equipment has been further strengthened with the integration of HWM's range of SMS and GPRS Data Loggers.
Some 30 per cent said they would economise on visiting relatives too - leading to disappointing mince pie and sherry sales.
HOUSEHOLDERS in Nuneaton are being given the chance to economise on their heating bills.
Despite their efforts to encourage the public to economise, however, consumption actually increased this year when water was supplied under similarly non-interrupted conditions in 2007.