frugality vs economy

frugality and economy both are nouns.

Word	Noun	Adjective	Verb	Adverb
frugality	Yes	No	No	No
economy	Yes	No	No	No

As nouns, economy is a hyponym of frugality; that is, economy is a word with a more specific, narrower meaning than frugality:

Other hyponyms of frugality include parsimoniousness, parsimony, penny-pinching, thrift, thriftiness.

frugality (noun)	economy (noun)
prudence in avoiding waste	an act of economizing; reduction in cost
	frugality in the expenditure of money or resources
	the efficient use of resources
	the system of production and distribution and consumption