Economics: meaning, definitions and examples
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economics
[ ˌiː.kəˈnɒm.ɪks ]
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.
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.