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

Modern economics says business cycles are caused by changes in total spending which outpace the ability of prices and wages to respond. The Economist, "For how long can today’s global economic expansion last?," 12 July 2019 At Hobart and William Smith Colleges, where a lab in the Asian Languages and Cultures program now bears her name, Lauren majored in economics and was invited into the economics honor society Omicron Delta Epsilon. Adrienne Gaffney, Town & Country, "The Other Passenger: Who Was Lauren Bessette?," 9 July 2019 Philipson is a professor of public policy at the University of Chicago Harris School of Public Policy and directed the health economics program at the Becker Friedman Institute. Jeff Stein, Washington Post, "Trump plans to name Tomas Philipson, a health-care expert, as his next chief economist," 29 June 2019 Peter Altmaier, economics minister and author of the industry strategy, said it was designed in part to address the anxieties of Germans who have been drawn to far-left and far-right parties in recent years. Bojan Pancevski, WSJ, "Europe’s Struggling Political Parties Promise a Return to the Pre-Thatcherite Era," 26 June 2019 The man who eventually mastered Econ 201A is an economics lesson in himself. The Economist, "How a victim of the cultural revolution mastered economics," 2 July 2019 Philipson is a professor of public policy at the University of Chicago Harris School of Public Policy and directed the health economics program at the Becker Friedman Institute. Jeff Stein, BostonGlobe.com, "Trump to name Tomas Philipson, a health care expert, as his next chief economist," 30 June 2019 Related Articles Mounds View has been sending teams to D.C. since 2013 but has yet to place in the national economics competition. Deanna Weniger, Twin Cities, "Mounds View students pitch their company, EcoSlurp, for top Junior Achievement prize," 18 June 2019 And talking about economics raises bigger questions about G-7 membership, too. Adam Taylor, Washington Post, "The G-7 has always been an informal club. With Russia remarks, Trump is pushing that.," 8 June 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

19 Jul 2019

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The first known use of economics was in 1792

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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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