Economics: meaning, definitions and examples

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economics

 

[ ˌiː.kəˈnɒm.ɪks ]

Noun
Context #1 | Noun

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

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.
Context #2 | Noun

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

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

Translations of the word "economics" in other languages:

🇵🇹 economia

🇮🇳 अर्थशास्त्र

🇩🇪 Wirtschaftswissenschaft

🇮🇩 ekonomi

🇺🇦 економіка

🇵🇱 ekonomia

🇯🇵 経済学 (けいざいがく)

🇫🇷 économie

🇪🇸 economía

🇹🇷 ekonomi

🇰🇷 경제학 (경제)

🇸🇦 اقتصاد

🇨🇿 ekonomie

🇸🇰 ekonómia

🇨🇳 经济学 (jīngjìxué)

🇸🇮 ekonomija

🇮🇸 hagfræði

🇰🇿 экономика

🇬🇪 ეკონომიკა

🇦🇿 iqtisadiyyat

🇲🇽 economía

Word origin

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.

Word Frequency Rank

Ranking #3,731, this word is part of upper-intermediate vocabulary. While not among the most basic terms, it appears often enough to be valuable for advanced communication.