Economics Meaning: Definition, Examples, and Translations
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economics
[ˌiː.kəˈnɒm.ɪks ]
Definitions
study of production, distribution, and consumption of goods and services
Economics is the social science that studies the production, distribution, and consumption of goods and services. It analyzes how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their needs and wants.
Synonyms
economic science, economic theory, economy.
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| economics |
This is a duplicate entry but it is important to mention that 'economics' is also used in day-to-day conversations when talking about economic principles or issues.
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| economy |
This term is used to talk about the state of a country's, region's, or system's financial and production status. It is often used in news, reports, and casual conversation about financial conditions.
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| economic theory |
This phrase is typically used when discussing specific ideas or frameworks within the broader field of economics, often in an academic or theoretical context.
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| economic science |
This term is more formal and is often used in academic or scientific contexts to refer to the rigorous and systematic study of economics.
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Examples of usage
- Economics helps us understand how scarce resources are allocated in society.
- The study of economics can provide insights into issues such as unemployment and inflation.
- Understanding economics can help individuals make informed decisions about personal finances.
financial aspects of a particular industry or activity
Economics can also refer to the financial aspects of a particular industry or activity. It involves the production, consumption, and transfer of wealth within that specific context.
Synonyms
financial aspects, monetary considerations.
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| economics |
This word is typically used to describe the broad study of how resources are allocated, produced, and distributed in an economy. It is often used in academic, research, and theoretical contexts.
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| financial aspects |
This phrase is used when discussing the financial elements or components of a particular subject, project, or situation. It is often utilized in business reports, discussions, and practical planning.
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| monetary considerations |
This term is often used when evaluating decisions that involve money, usually in terms of budgeting, costs, and financial feasibility. It is commonly found in more formal discussions, financial planning, and policy formulation.
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Examples of usage
- The economics of the entertainment industry are complex and constantly changing.
- Studying the economics of agriculture can help farmers increase their profits.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
Historical Origins
- The word comes from the Greek 'oikonomia', which means 'household management'.
- The term has been used since ancient times, with philosophers like Aristotle writing about trade and property.
- In the 18th century, Adam Smith published 'The Wealth of Nations', marking the birth of modern economic thought.
Major Theories
- Classical economics focuses on free markets and the idea that individuals pursuing their own interests benefit society.
- Keynesian economics suggests that government intervention can help manage economic cycles and improve stability.
- Behavioral economics incorporates psychological insights into human behavior to explain economic decision-making.
Real-World Applications
- Policies based on economic principles can affect everything from job availability to inflation.
- Understanding economics helps governments make decisions that can lead to growth or recession in the economy.
- Everyday budgeting is an example of economics in practice, as individuals weigh their spending and saving choices.
Cultural Impact
- Economic disparities can lead to social issues, influencing cultural perceptions of wealth and poverty.
- Art and literature often explore themes of economic struggle and the human experience related to wealth.
- Festivals and national holidays can sometimes be based on economic themes, like harvest celebrations.
Global Context
- Globalization has led to interdependence among countries, making understanding economics essential for international relations.
- Global economic crises, like the Great Depression, have reshaped policies and approaches to economics in various nations.
- Emerging markets in developing countries are reshaping the global economic landscape and offering new opportunities.
Origin of 'economics'
The word 'economics' originated from the Ancient Greek word 'oikonomia', which means 'household management' or 'administration'. The modern usage of the term emerged in the 19th century with the development of the field of social science focused on the production, distribution, and consumption of goods and services.
See also: economic, economical, economizer, macroeconomy.