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parsimony

par·si·mo·ny [ prssə mnee ]


noun 
Definition:
 
1. frugality: great frugality or unwillingness to spend money

2. principle of economy: economy in the use of means to achieve something, especially the principle of endorsing the simplest explanation that covers a case

[15th century. < Latin parsimonia< pars-, past participle of parcere "spare"]
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