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

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

"Groundwater is challenging to manage because it is hidden below ground and poorly understood," said William Jaeger, a professor of applied economics at Oregon State.

From Science Daily

In 1962, he went to Ruskin College, Oxford, where he got a diploma in economics and politics, and later to Hull University to study for an economics degree.

From BBC

Reeves studied philosophy, politics and economics Oxford University and did a master's degree in economics at the London School of Economics.

From BBC

But the younger Bawumia had forged a career in economics and banking - serving as the deputy governor of Ghana's central bank.

From BBC

Related Words

• business
• finance
• social science