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austerity

aus·ter·i·ty [ aw stérrətee ] (plural aus·ter·i·ties)


noun 
Definition:
 
1. severity or plainness: severity of discipline, regime, expression, or design

2. economy measure: a saving, economy, or act of self-denial, especially in respect of something regarded as a luxury

3. economics enforced thrift: thrift imposed as government policy, with restricted access to or availability of consumer goods

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