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 ?
However this move could be under threat as the figures appear to show that when people perceive that there is lots of water, they don't feel the need to economise.
In case the worst happens, households mustn't economise by dropping "cheap as chips" life cover, says Richard Brown at personal finance website Moneynet.
Economise and push against any financial odds and you won't run short of funds.
This generation have it too good and make no effort to economise, as all they have to do is turn on switches and get all their comforts with no thought of the cost to the country etc.