In this arpeggio I play a variety of economy picking and sweep picking. All the ascending part is economy picking and the descending part is mostly sweep picking but also some economy picking concepts are used

Economy Picking   
The economy picking technique has a few concepts that you pretty much cant derive from without using a new technique

1. Even number of notes to change direction

2. Odd number of notes to stay in the same direction

3. The picking technique directs the fretting hand 

These three concepts pretty much sets the pace of playing economy picking. Discussing the third manifest. If you want use the complete benefits of the technique you have to make sure that the amount of notes you play on each string fits the picking technique so you can continue the economy picking throughout the lick or piece. This means that in some cases you will play some challenging fingerings in order to make the economy picking work 

Sweep Picking
In a way you could say that sweep picking makes use of a similar idea in that you pretty much need to arrange the notes on the fretting hand so it takes complete benevolence of the picking technique

1. Play one note a string to make use of the Sweep Picking Technique

2. To change direction you end up playing three notes on a string where one is a hammer on or pull off 

Sweep Picking pretty much exclusively becomes a too to play arpeggios without being held back tempo wise which would be the case if you tried to use alternate picking. There are a few people who actually uses alternate picking to play fast arpeggios but sweep picking makes it easier to speed it up

Implementing the lick 
This lick could be used from the first position of the major scale if you want to start using it in your own playing when improvising for example. The lick ends in the fourth position so you can continue your solo from there. The reason the lick can only be utilized from the first position is that even though it mainly is a A major 7 arpeggio it along the way also makes use of the ninth, fourth and sixth note of the major scale so basically you are playing the complete major scale in this lick. Good luck !