economics

[ ek-uh-nom-iks, ee-kuh- ]

noun

1. (used with a singular verb) the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.
2. (used with a plural verb) financial considerations; economically significant aspects:

   What are the economics of such a project?

economics

/ ˌiːkəˈnɒmɪks; ˌɛkə- /

noun

1. functioning as singular the social science concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society See also macroeconomics microeconomics
2. functioning as plural financial aspects

   the economics of the project are very doubtful

economics

1. The science that deals with the production, distribution , and consumption of commodities .

Notes

Economics is sometimes referred to as the “dismal science.”

Economics is generally understood to concern behavior that, given the scarcity of means, arises to achieve certain ends. When scarcity ceases, conventional economic theory may no longer be applicable. ( See affluent society .)

Word History and Origins

Origin of economics¹

First recorded in 1785–95; economic, -ics

Example Sentences

“It’s a reckless grenade toss,” said Michael Clemens, an economics professor at George Mason University who specializes in international migration.

From Los Angeles Times

This has been the question hanging over not just world markets but the whole world of economics.

From BBC

“Clearly there’s going to be less protections for workers and less regulatory oversight for business practices going forward,” said David Smith, professor of economics at the Pepperdine Graziadio Business School.

From Los Angeles Times

"Generative AI doesn’t merely augment creativity — it fundamentally reshapes the economics of creative work."

From Salon

First author Jamil Mansouri, a Purdue University agricultural economics student, completed this work as a summer intern at Ohio State as part of the Big Ten Academic Alliance Summer Research Opportunities Program.

From Science Daily

Related Words

• business
• finance
• social science