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 ?
As noted above, Mises considered the "fundamental theorem of modern economics" diminishing marginal utility, which can be deduced from a person economizing with homogeneous units of a good Although diminishing marginal utility is accepted by all modern economists, Mises was the first to perceive the implication of its reasoning for making economizing decisions about the use of resources in society and its application to this problem in socialism Concerning the proposal of mathematical economists to solve the problem of economizing in socialism, Mises (1978, p.
All chillers are fed by cooling towers provided with fully integrated waterside economizing.
Iranian and German officials negotiated economizing on water and energy consumption, improving efficiency in the existing power plants, building new power plants, constructing recyclable energy power plants and the issue of new energies.
In addition to budget trimming and a general openness to economizing, we've been more motivated to reach what were, in the past, difficult decisions.
"You've got to be flexible and adapt," Cien says of Copley's approach during a time when many newspapers are economizing.
Williamson observed that economizing has received inadequate research attention: "first-order economizing-effective adaptation and the elimination of waste--has been neglected" (1994: 364).
She demonstrated her flair for economizing recently when she cancelled the ABT fall tour to the Orange County Performing Arts Center.
A new line of pump tanks for central chillers and cooling towers has pump suction legs that are angled to prevent vortexing and pump cavitation, allowing for operation at lower fill levels, thereby economizing water and chemical usage.
In addition to economizing on space, these new devices offer the ultramodern look that many expect from 21st century devices--or what shows like The Jetsons taught us to expect, at any rate.
By economizing on the need for agreement, you're economizing on the need for consensus and the need for gatekeepers and tastemakers, roles intellectuals have traditionally filled.
Under the influence of social Darwinism and scientific racism and intent on economizing whenever their own welfare was not at stake, policymakers and public servants assigned to care for Native populations doled out insufficient, contaminated food rations only to those deemed deserving; herded children off to poorly maintained boarding schools where they were likely to fall ill and die, mostly from tuberculosis; and managed medical care facilities and programs under the leading assumption that Native people's ill-health stemmed from an inherent biological and cultural inferiority.