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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in classic literature ?
Shelby, "could not you give me some little insight into yours; a list of all your debts, at least, and of all that is owed to you, and let me try and see if I can't help you to economize."
It had never occurred to me until that moment that there was any need to economize them, and I had wasted almost half the box in astonishing the Upper-worlders, to whom fire was a novelty.
"For my blue-and-gold suit, which has disappeared, and in the place of which I could find nothing but this; and I was even obliged to economize from compulsion, in order to get possession of it."