Economics

/ɪˌkɒn.əˈmɪks/

Meaning & Definition

noun

The branch of knowledge concerned with the production, consumption, and transfer of wealth.

Studying economics helps us understand how resources are allocated in society.

The economic system of a country or community.

The economics of the region were heavily influenced by its natural resources.

The social science that analyzes the production, distribution, and consumption of goods and services.

He pursued a degree in economics to better grasp market dynamics.

Derived from the Greek 'oikonomikos', meaning 'administration (of a household or estate)'.

microeconomics

The branch of economics that studies individual consumers and businesses.

macroeconomics

The branch of economics dealing with the performance, structure, and behavior of an economy as a whole.

behavioral economics

A field that combines insights from psychology and economics to understand how people make economic decisions.

capital

Wealth in the form of money or assets.

supply

The total amount of a good or service available for purchase.

demand

The desire for a particular good or service backed by the ability to pay for it.

Econ

In college, I took an 'econ' class to learn about market trends.

The science of choice

She said she's studying economics because it's the 'science of choice' in today’s world.