Economics (noun)
Definition
We can define economics as a social science that studies the distribution, production, and consumption of goods and services. It involves analyzing how individuals, businesses, and governments make choices regarding the allocation of resources to satisfy their needs and wants.
Economics also explores the interactions between supply and demand, market dynamics, pricing, economic growth, employment, inflation, and various economic systems and policies.
Etymology
The word economics comes from the Greek word oikonomia, which means household management or administration of a household. The term was derived from oikos meaning house and nomos meaning law or custom.
Synonyms
- Economic science
- Political economy
- Economic theory
- Financial science
Antonyms
- Non-economics
- Non-economic
- Non-financial
Example
The study of economics provides insights into how individuals and societies allocate scarce resources.
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