FALSE ECONOMY Meaning and
Definition
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False economy refers to a deceptive practice where one believes they are saving money by choosing a cheaper option, but ultimately ends up incurring further costs or drawbacks that outweigh the initial savings. It involves prioritizing short-term monetary gains without considering potential long-term consequences.
In various contexts, false economy can manifest itself differently. In terms of purchasing, it commonly occurs when someone opts for a cheaper product or service with lower quality or durability. Although it seems like a cost-effective decision at first, the need for more frequent repairs, replacements, or maintenance often leads to greater expenses in the long run, making the initial savings futile.
False economy can also relate to decision-making in businesses or organizations. Cutting corners on essential areas such as employee training, equipment maintenance, or infrastructure upgrades may appear to reduce expenses initially. However, these actions often result in decreased productivity, decreased customer satisfaction, or even legal repercussions, making the potential savings short-lived.
In personal finance, false economy can arise when an individual opts for cheap or inadequate insurance coverage, neglecting significant areas such as healthcare or property. When unexpected events occur, the lack of adequate coverage can lead to substantial financial burdens that outweigh any savings made by choosing inexpensive policies.
In summary, false economy represents a flawed approach where apparent savings in the short term do not outweigh the subsequent costs or drawbacks incurred in the long term. It emphasizes the importance of considering not just the immediate cost, but also the quality, durability, and potential future consequences of a decision.
Common Misspellings for FALSE ECONOMY
- dalse economy
- calse economy
- valse economy
- galse economy
- talse economy
- ralse economy
- fzlse economy
- fslse economy
- fwlse economy
- fqlse economy
- fakse economy
- fapse economy
- faose economy
- falae economy
- falze economy
- falxe economy
- falde economy
- falee economy
- falwe economy
- falsw economy
Etymology of FALSE ECONOMY
The etymology of the phrase "false economy" can be traced back to the late 18th century. The term combines the words "false" and "economy" to describe a situation where an attempt to save money or resources ultimately leads to greater expenses or losses in the long run.
The word "false" comes from Middle English "fals", which originates from Old English "fals", meaning deceitful or untrue. The word "economy" has its roots in the Latin word "oeconomia", derived from the Greek "oikonomia", loosely meaning household management or thrift.
When used together, "false economy" suggests an erroneous judgment of frugality or cost-saving measures that result in adverse consequences. It serves as a cautionary phrase to consider the larger picture and potential hidden costs before making short-sighted financial decisions.
Idioms with the word FALSE ECONOMY
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a false economy
The idiom "a false economy" refers to a situation where someone tries to save money or cut costs, but in doing so, ends up spending more money or experiencing greater problems in the long run. It implies that the initial attempt to save money or resources is ultimately counterproductive or wasteful due to overlooked expenses, poor quality, or adverse consequences.
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false economy
"False economy" is an expression used to describe a situation where someone tries to save money by buying cheaper or lower quality goods or services, but ultimately ends up spending more money in the long run because the cheaper option proves to be unreliable or of poor quality. In other words, it refers to when an attempt to be frugal or save money actually ends up being more costly in terms of time, money, or effort.
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