Finesentence mobile logo
Sign in Login / Register

Economic Meaning: Definition, Examples, and Translations

💰
Add to dictionary

economic

[ɛkəˈnɑmɪk ]

Definitions

Context #1 | Adjective

global economy

Relating to the economy, especially as an area of study dealing with the production, distribution, and consumption of goods and services.

Synonyms

financial, fiscal, monetary.

Which Synonym Should You Choose?

arrow down
Word Description / Examples
economic

Although spelled the same, context can change slightly. Here it's typically used when discussing the economy in relation to the efficiency and principles of economics.

  • The study focused on the economic impacts of climate change
  • Proper economic planning can lead to sustainable development
financial

This term should be used when talking about money management, investments, banking, and the financial performance of entities like companies, markets, or individuals.

  • The company is facing financial difficulties and might need a bailout
  • She works as a financial analyst at a major bank
monetary

Use this word when discussing currency, money supply, and the role of central banks in regulating these aspects. It is often used in the context of policies that affect the national or global economy.

  • The central bank decided to tighten its monetary policy to control inflation
  • There are discussions about the effects of monetary stimulus on economic recovery
fiscal

This word is related to government revenue and expenditure, budgeting, and taxation policies. It often refers to public finance and how the government manages its funds.

  • The fiscal policy this year includes increased infrastructure spending
  • The mayor proposed a new fiscal plan to manage the city's budget more effectively

Examples of usage

  • The economic impact of the pandemic has been significant worldwide.
  • Economic policies are crucial in shaping the future of a country.
Context #2 | Noun

economic theory

The branch of knowledge concerned with the production, consumption, and transfer of wealth.

Synonyms

economics, economy, financial science.

Which Synonym Should You Choose?

arrow down
Word Description / Examples
economic

Used as an adjective to describe something related to the economy or the field of economics.

  • The government is implementing new economic policies to stimulate growth.
  • He studied the economic impact of the pandemic.
economics

Refers to the social science that studies production, distribution, and consumption of goods and services.

  • She decided to major in economics at university.
  • Economics helps us understand market behaviors.
economy

Refers to the system of production, distribution, and consumption of goods and services in a particular region or country.

  • The economy is showing signs of recovery.
  • Many people are worried about the state of the national economy.
financial science

Refers to the field of study dealing with investments, capital markets, and the management of financial institutions.

  • He has a PhD in financial science.
  • Financial science is crucial for understanding complex market phenomena.

Examples of usage

  • Studying economic theory helps us understand the workings of markets.
  • Economic theory provides insights into how societies allocate resources.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

History

  • The first known economic systems date back to ancient Mesopotamia, where trade and barter were common.
  • Mercantilism, a dominant economic theory in the 16th to 18th centuries, emphasized the role of government in managing the economy to increase national power.
  • The Industrial Revolution in the 18th century drastically changed economies, moving from agrarian to industrial and changing how people worked and lived.

Pop Culture

  • Movies like 'The Big Short' highlight the complexities of modern economic systems and the risks of financial crises.
  • Games like 'Monopoly' simulate basic economic principles through property trading and investment.
  • Popular phrases like 'money makes the world go round' reflect the central role economics plays in everyday life.

Science

  • Behavioral economics explores how psychological factors affect economic decision-making.
  • Environmental economics looks at how economic activities impact the environment and seeks sustainable solutions.
  • Econometrics combines statistics with economic theory to analyze and forecast economic trends.

Literature

  • Classic books like 'The Wealth of Nations' by Adam Smith laid the groundwork for modern economic thought.
  • George Orwell's '1984' explores the implications of a controlled economy through a dystopian lens.
  • Literature often reflects societal economic conditions, with works like Steinbeck's 'The Grapes of Wrath' vividly depicting the Great Depression.

Origin of 'economic'

Main points about word origin

  • The word comes from the Greek 'oikonomikos', which means 'skilled in household management'.
  • It was originally used to describe how to manage a household's resources effectively.
  • Over time, the meaning expanded to include broader systems involving money and trade.

The word 'economic' originated from the Greek word 'oikonomikos', meaning 'frugal' or 'management of a household'. It evolved to encompass the broader concept of managing resources on a larger scale, such as in businesses, nations, and global systems. The term has been used in various contexts throughout history, reflecting changing economic systems and theories.

See also: economical, economics, economizer, macroeconomy.

Word Frequency Rank

With position #338, this word is vital for basic English fluency. It appears very frequently in everyday language and should be among the first words you learn and actively use.