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

And, as a business, economics plays a major part in whether or not an item is actually recycled — not the environment, as plastics pollution expert Stiv Wilson recently told Teen Vogue). Teen Vogue, "Environmental Science Is Crucial to Combat Climate Change — So Why Isn't It a Mandatory Class?," 29 Apr. 2019 The theory, popularly known as MMT, holds that a government that can borrow in its own currency can take on much more debt than conventional economics says is prudent. Michael S. Derby, WSJ, "Minneapolis Fed Chief Kashkari Says MMT Isn’t An Economic Theory," 1 Apr. 2019 About 297,000 Pennsylvania public-sector workers belonged to a union in 2017, according to an online database maintained by economics professors Barry Hirsch and David Macpherson. Chris Brennan, Philly.com, "How SCOTUS ruling on labor unions in Janus vs. AFSCME could upend politics in Pennsylvania," 27 June 2018 My own room affords me a private sundeck, access to two upscale restaurants, and a butler named Vishnu, who received his degree in economics in India. Sloane Crosley, Vogue, "All Aboard the Good Ship Self-Care," 12 Mar. 2019 Experience has taught me that these things only ever happen when the forces of economics, politics, and social change smack up against one another. Vogue, "Vogue Runway’s Critics Weigh In on the Fall 2019 Menswear Collections—And the Seismic Shifts Changing the Business," 22 Jan. 2019 Here again, economics limits the choices: the more people involved in carefully distinguishing each type of recyclable, the more expensive the process. John Timmer, Ars Technica, "Bikes, bowling balls, and the delicate balancing act that is modern recycling," 31 Dec. 2018 Formal training in economics is now regarded as essential for monetary policy-making. Amar Bhidé, WSJ, "Congress Should Set the Fed’s Inflation Target—Ideally at Zero," 6 Nov. 2018 A few hours later, the Nobel Prize in economics went to two Americans, including William Nordhaus of Yale University, who argues that carbon taxes would be the best way to address problems created by greenhouse-gas emissions. David Koenig, The Seattle Times, "Carbon tax gets renewed attention but still faces resistance," 8 Oct. 2018

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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Last Updated

24 May 2019

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The first known use of economics was in 1792

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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

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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