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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.

Which Synonym Should You Choose?

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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.

  • Basic economics tell us that supply and demand affect prices.
  • Understanding economics helps in making better financial decisions.
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.

  • The global economy is facing a potential recession.
  • Inflation has a significant impact on the national economy.
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.

  • She is writing her thesis on Keynesian economic theory.
  • The lecture covered various economic theories explaining market dynamics.
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.

  • His research in the field of economic science has been published in several renowned journals.
  • Economic science aims to understand and predict economic behavior.

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.

Which Synonym Should You Choose?

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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.

  • She decided to study economics at university
  • The economics of developing countries are complex and varied
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.

  • We need to consider the financial aspects of launching this new product
  • The financial aspects of the merger were thoroughly analyzed
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.

  • Monetary considerations must be taken into account before approving the project
  • The manager highlighted the monetary considerations of the new marketing campaign

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

Etymology

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.