UNECONOMIC Meaning and
Definition
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Uneconomic is an adjective used to describe an activity, process, or decision that is not financially or economically viable or efficient. The term is typically used in the context of business, finance, or economic analysis.
When an activity or process is deemed uneconomic, it means that the costs involved in carrying it out outweigh the potential benefits or profits derived from it. This could be due to various factors such as high production costs, low demand, inefficiency, or outdated technology. An uneconomic venture is often unsustainable in the long term as it may result in financial losses or decreased profitability.
Uneconomic decisions can also refer to choices made by individuals or organizations that are not financially sensible. For example, investing in a declining industry or a project with a low return on investment can be considered uneconomic. Similarly, continuing to operate an unprofitable business or resource-intensive process without making necessary changes to improve efficiency would also be seen as uneconomic.
In economic analysis, the term uneconomic is used to highlight situations where it is more cost-effective or financially prudent to pursue alternative options or strategies. The goal is to optimize resource utilization, maximize profits, and ensure long-term sustainability. By identifying and rectifying uneconomic activities, individuals and organizations can improve their financial performance and overall economic health.
Common Misspellings for UNECONOMIC
Etymology of UNECONOMIC
The word "uneconomic" consists of two main parts: "un-" and "economic".
The prefix "un-" is a common English prefix used to indicate negation or lack of something. In this case, it signifies the opposite of "economic" or not being in line with principles of economics.
The term "economic" comes from the Latin word "oeconomicus", which is derived from the Greek word "oikonomikos". "Oikonomikos" is formed by combining "oikonomia" (household management) and "-ikos" (pertaining to). The Greek term "oikonomia" is composed of "oikos" (house) and "nomos" (law, management), referring to the management and organization of the household.
Similar spelling words for UNECONOMIC
- uncommercial,
- uncomely,
- unconformable,
- uncommonly,
- unconstricted,
- unconcern,
- uncommitted,
- uncomplicated,
- uncomplete,
- uncombined,
- uneconomical,
- uncombable,
- uncompress,
- unconformist,
- uncombed,
- uncommon.
