Parsimony

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Parsimony [ PAHR-suh'-moh-nee ]
[ noun ]
MEANING :
1. niggardliness or stinginess or excessive frugality
2. thrift or extreme economy
3. accepting the simplest assumption in the formulation of a theory especially according to the rule of Ockham's razor (entities must not be multiplied beyond necessity as the simplest solution is usually the correct one)
USAGE EXAMPLE 1 :
Yet the decorations were always meagre, and their gifts chosen with his usual parsimony.
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