Dictionary

To reduce in size or number.

Example: Joe and Edna moved to a bungalow after deciding to downsize when the children had left home.

To reduce the workforce of.

Example: They downsized the division by offering attractive early-retirement packages and selling off an office building.

To terminate the employment of.

Example: Joe got downsized and became a plumber.

An act in which a company downsizes or is downsized

Example: He lost his job in the last downsizing.

Miniaturization

Reducing engine's capacity at same power or increasing engine's power without increasing capacity

Example: Downsizing is one of the leading trends in automotive engine design.