Economics

Definition

Economics is a social science that studies the production, distribution, and consumption of goods and services. It focuses on how individuals, businesses, governments, and nations make choices about allocating resources to satisfy their needs and wants, attempting to maximize utility or profit.

Parts of Speech

• Noun

Pronunciation

American English

• IPA Pronunciation: /ˌɛkəˈnɑːmɪks/, /ˌiːkəˈnɑːmɪks/
• Respelling: ek-uh-NOM-iks, ee-kuh-NOM-iks

British English

• IPA Pronunciation: /ˌiːkəˈnɒmɪks/, /ˌɛkəˈnɒmɪks/
• Respelling: ee-kuh-NOM-iks, ek-uh-NOM-iks

In both American and British English, "economics" can be pronounced with a long "e" or a short "e," with only slight regional variations in stress.

Etymology

The word "economics" derives from the Ancient Greek word "oikonomia," meaning "management of the household," which is composed of "oikos" (house) and "nomos" (law or custom). It entered English in the late 16th century, evolving from its original meaning of household management to the broader study of markets and economies.

Derivatives

• Economist (noun)
• Economical (adjective)
• Economize (verb)
• Economic (adjective)
• Economically (adverb)

Synonyms

• Finance
• Commerce
• Market theory

Antonyms

• None

Usage

The word "economics" is commonly used in academic, political, and business contexts. It encompasses both microeconomics, which focuses on individual and business decisions, and macroeconomics, which examines national and global economic factors. Economics is often applied in policy-making, business strategy, and understanding societal trends.

Related Terms

• Microeconomics: The branch of economics concerned with individual markets and actors.
• Macroeconomics: The branch of economics focused on large-scale economic factors such as national productivity and interest rates.
• Supply and demand: A fundamental concept in economics that describes the relationship between the availability of a product and the desire for that product.

Detailed Definitions

Noun

• The social science that studies production, distribution, and consumption: Refers to the study of how economies function, including markets, resources, and decision-making processes.
  • Example: "She decided to major in economics to better understand global markets."
• The condition of a region or group as regards material prosperity: Refers to the state of a particular economy or market.
  • Example: "The economics of the region improved after new trade agreements were implemented."