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economizevb. to produce:
- a given OUTPUT of a product using fewer FACTOR INPUTS than previously;
- more output than before from the same amount of factor inputs;
- 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);
- 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