eco·​nom·​ics | \ ˌe-kə-ˈnä-miks How to pronounce economics (audio) , ˌē-kə- How to pronounce economics (audio) \

Definition of economics

1a : a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services
b : economic theory, principles, or practices sound economics
2 : economic aspect or significance the economics of building a new stadium
3 : economic conditions current economics

Examples of economics in a Sentence

Recent Examples on the Web According to the university’s website, Dr. Wiser was an associate professor of economics and finances specializing in game theory and mathematics in the Mitchell College of Business. Christopher Harress | Charress@al.com, al, "Slain University of South Alabama professor remembered as ‘truly great person’," 21 Nov. 2019 This interdisciplinary program applies mathematical and economic concepts by combining already existing courses in McDaniel’s mathematics, economics and business administration programs. Catalina Righter, baltimoresun.com/maryland/carroll, "McDaniel College adding eight new majors, including a first for Maryland, after recent cuts," 20 Nov. 2019 The book does not adhere to standard practices within economics for determining who pays a particular tax and, in fact, isn’t always consistent even within the methodology Saez and Zucman chose. Joshua R. Hendrickson, National Review, "An Oversimplified, Misleading Argument about Inequality and Taxes," 20 Nov. 2019 Don’t lose the plot Few people look to Hollywood for economics lessons. The Economist, "Who will win the media wars?," 14 Nov. 2019 Gaur, a Brown University college student majoring in economics and public health, seemed stumped during the Final Jeopardy question. Andrea Mandell, USA TODAY, "'Jeopardy!' contestant almost makes Alex Trebek cry by betting 'We love you Alex'," 12 Nov. 2019 That may mean recycling's economics will be driven by something that's a relatively minor contributor to the final mass of the battery. John Timmer, Ars Technica, "Recycling cars’ lithium batteries is more complicated than you might think," 6 Nov. 2019 As the economics of medicine have shifted, so have the underlying demographics of the profession. Abigail Abrams, Time, "A New Generation of Activist Doctors Is Fighting for Medicare for All," 24 Oct. 2019 Diversity issues The 2019 Nobel prize for economics is also significant for reasons of inclusivity. Mark Schaffer, Quartz India, "Why did Banerjee, Duflo, and Kremer win the Nobel prize this year?," 15 Oct. 2019

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'economics.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of economics

1792, in the meaning defined at sense 1a

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Time Traveler for economics

Time Traveler

The first known use of economics was in 1792

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Statistics for economics

Last Updated

6 Dec 2019

Cite this Entry

“Economics.” The Merriam-Webster.com Dictionary, Merriam-Webster Inc., https://www.merriam-webster.com/dictionary/economics. Accessed 11 December 2019.

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More Definitions for economics

Financial Definition of economics

What It Is

Economics is the academic study of the production, distribution, and consumption of goods and services.

How It Works

Economics can be broken down into two main disciplines: macroeconomics and microeconomics. Macroeconomics deals with the behavior of economies on a large scale, usually the economies of countries or regions. Microeconomics, on the other hand, usually addresses individual agents.

There are two main approaches taken by economists: Classical and Keynesian. Classical economics is based on the idea that, in general, market economies can function competently, are able to react to changes in equilibrium, and that governments should adopt a "laissez faire" policy toward the economy.

Keynesian economics, first proposed by the English economist John Maynard Keynes, is predicated on the notion that markets tend to react rather slowly to changes in equilibrium (especially price changes), and that active intervention by governments is often the best way to help an economy recover its equilibrium. In the twentieth century, Keynesian economics has become, by and large, the standard approach to dealing with large scale economies.

Why It Matters

The study of economics has spawned numerous theories about the nature of human production and consumption including: Marxist theories of production, the Chicago School, which advocates free market and monetarist approaches, and the Austrian School, whose approach is underscored by the emphasis on stock market price mechanisms.

Source: Investing Answers

economics

noun
How to pronounce economics (audio) How to pronounce economics (audio)

English Language Learners Definition of economics

: a science concerned with the process or system by which goods and services are produced, sold, and bought
: the part of something that relates to money

economics

noun plural
eco·​nom·​ics | \ ˌe-kə-ˈnä-miks How to pronounce economics (audio) , ˌē- \

Kids Definition of economics

: the science concerned with the making, selling, and using of goods and services
Hint: Economics can be used as a singular or a plural in writing and speaking.

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More from Merriam-Webster on economics

Rhyming Dictionary: Words that rhyme with economics

Spanish Central: Translation of economics

Nglish: Translation of economics for Spanish Speakers

Britannica English: Translation of economics for Arabic Speakers

Britannica.com: Encyclopedia article about economics

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