Economic science: meaning, definitions and examples
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economic science
[ ˌiː.kəˈnɒm.ɪk ˈsaɪ.əns ]
study of the production, distribution, and consumption of goods and services
Economic science is the study of how societies allocate scarce resources to fulfill unlimited wants and needs. It focuses on the production, distribution, and consumption of goods and services. Economists analyze economic behavior and the interactions between individuals, businesses, and governments.
Synonyms
Examples of usage
- Economic science helps us understand why some countries are wealthier than others.
- Studying economic science can provide insights into how to improve living standards.
- Governments often use economic science to develop policies to promote economic growth.
Translations
Translations of the word "economic science" in other languages:
🇵🇹 ciência econômica
🇮🇳 अर्थशास्त्र
🇩🇪 Wirtschaftswissenschaft
🇮🇩 ilmu ekonomi
🇺🇦 економічна наука
🇵🇱 nauka ekonomiczna
🇯🇵 経済学 (けいざいがく)
🇫🇷 science économique
🇪🇸 ciencia económica
🇹🇷 iktisat bilimi
🇰🇷 경제학 (경제 과학)
🇸🇦 علم الاقتصاد
🇨🇿 ekonomická věda
🇸🇰 ekonomická veda
🇨🇳 经济学 (jīngjì xué)
🇸🇮 ekonomska znanost
🇮🇸 hagfræði
🇰🇿 экономикалық ғылым
🇬🇪 ეკონომიკური მეცნიერება
🇦🇿 iqtisadiyyat elmi
🇲🇽 ciencia económica
Word origin
The term 'economic science' emerged in the late 19th century as a way to distinguish the systematic study of economics from earlier, less structured approaches. It reflects the increasing use of empirical data and mathematical models in economic analysis. Today, economic science plays a crucial role in shaping public policy and understanding the complexities of modern economies.