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 IAMs are so important that in 2018 the Nobel Prize in economics was awarded to Yale University economist William D. Nordhaus, for his pioneering work on them. Gilbert E. Metcalf, Scientific American, "How to Set a Price on Carbon Pollution," 19 May 2020 One of the ongoing debates in economics is the best way to measure financial health in a local economy. Michael Taylor, ExpressNews.com, "Taylor: When gauging a city’s economic health, give credit to FICO," 14 Feb. 2020 The consensus among economists and leading financiers was that double-digit inflation was with us for decades to come — as then dean of economics Paul Samuelson warned about in his weekly Newsweek column. Stephen Moore, Washington Examiner, "The economy's unsung hero is low interest rates," 23 Jan. 2020 The cause was cancer, a spokeswoman for Carnegie Mellon University, where Goodfriend was a professor of economics, said. Jeanna Smialek, BostonGlobe.com, "Marvin Goodfriend, Trump nominee to the Federal Reserve, dies at 69," 9 Dec. 2019 One of the central lessons of economics is that resources are scarce and every policy involves trade-offs. Allison Schrager, Quartz, "In defense of economics," 24 Sep. 2019 Like Brexit and the nationalist campaigns in Scotland and Northern Ireland, the argument is less about economics or politics than identity. The Economist, "An act of vandalism sparks more talk of independence in Wales," 22 Aug. 2019 But Sérgio's broader problem concerns Barker's decision to tell this story as a tragic romance, between the titular figure and Carolina Larriera (Ana de Armas), who'd later become his fiancée and was formerly a U.N. economics officer in East Timor. Isaac Feldberg, Fortune, "What to stream (and skip) on Netflix and Amazon Prime this weekend," 17 Apr. 2020 To be sure, the Democratic Party’s embrace of equalizing economics remains a partial one, but the cataclysmic impact of the coronavirus could conceivably generate more political pressure to rebalance the economy. John Cassidy, The New Yorker, "The Importance of Bernie Sanders and Socialism," 10 Apr. 2020

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

23 May 2020

Cite this Entry

“Economics.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/economics. Accessed 3 Jun. 2020.

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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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