1. Of or relating to the production, development, and management of material wealth, as of a country, household, or business enterprise. 2. Of or relating to an economy: a period of sustained economic growth. 3. Of or relating to the science of economics: new economic theories regarding the effects of deficit spending. 4. Of or relating to the practical necessities of life; material: wrote the book primarily for economic reasons. 5. Financially rewarding; economical: It was no longer economic to keep the manufacturing facilities open. 6. Efficient; economical: an economic use of home heating oil.
Economic freedom enables people to make their own economic decisions. This freedom includes the right to own property, to use it, and to profit from it. Workers are free to choose and change jobs. People have the freedom to save money and invest it as they wish. Such freedoms form the basis of an economic system called capitalism.