Meaning & Definition of word "Economics"

Economics

/ɪˌkɒn.əˈmɪks/

1. The branch of knowledge concerned with the production, consumption, and transfer of wealth.
- Example: Studying economics helps us understand how resources are allocated in society.
2. The economic system of a country or community.
- Example: The economics of the region were heavily influenced by its natural resources.
3. The social science that analyzes the production, distribution, and consumption of goods and services.
- Example: 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.

Meaning: Econ

● Example Sentence: In college, I took an 'econ' class to learn about market trends.

Meaning: The science of choice

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