Definition of economics Economics

/ɛˌkʌnɑˈmɪks/ - [ekunamiks] - e•co•nom•ics

We found 6 definitions of economics from 5 different sources.

What does economics mean?

WordNet

Noun Plural: economics
economics - the branch of social science that deals with the production and distribution and consumption of goods and services and their management
		economic science, political economy
		social science the branch of science that studies society and the relationships of individual within a society
		economic theory (economics) a theory of commercial activities (such as the production and consumption of goods)
		econometrics the application of mathematics and statistics to the study of economic and financial data
		finance the commercial activity of providing funds and capital
		macroeconomics the branch of economics that studies the overall working of a national economy
		microeconomics the branch of economics that studies the economy of consumers or households or individual firms
		supply-side economics the school of economic theory that stresses the costs of production as a means of stimulating the economy; advocates policies that raise capital and labor output by increasing the incentive to produce

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Wiktionary

economics (Noun)
The study of resource allocation, distribution and consumption; of capital and investment; and of management of the factors of production.

Webster DictionaryWebster's Unabridged Dictionary 📘

economics (n.)
The science of household affairs, or of domestic management.
economics (n.)
Political economy; the science of the utilities or the useful application of wealth or material resources. See Political economy, under Political.

OmegaWiki DictionaryOmegaWiki Dictionary Ω

economics
The social study of the production, distribution, and consumption of wealth.

Wikipedia

Economics is the study of how people make choices to satisfy their wants.

There are three main ideas that are useful for understanding economics.

Three ideas.

Economics is a science that studies how people try to make use of the limited resources in the world to satisfy their wants. People's resources include their money, their free time, and their ability to work and make money. People have many wants for goods, such as the want for food, for houses to live in, and a new car to drive. However, there is only a limited amount of resources and goods available, which is called scarcity. For example, a person only has a limited amount of money and a limited amount of free time. This means that they have to make choices about how to spend these scarce resources on the different goods that they want.

The advantage, when people work together.

When people work together, there is an advantage for everybody. People concentrate on things they have very good skills off and produce especially theese goods (services). This principle can be used by countries and is an important argument for the free trade between economics.

The subjects and objects in economics.

The subjects of economic are households, business companies, the state and foreign countries. Households offer their production factors to the companies. This includes work, ground, capital (machines, buildings) and information. They get income whereof they buy and consume goods. Business companies produce and sell goods and buy pro