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- DictionaryEc·o·nom·ics/ˌekəˈnämiks/
plural
- 1. the branch of knowledge concerned with the production, consumption, and transfer of wealth.
- 2. the condition of a region or group as regards material prosperity: "he is responsible for the island's modest economics"
Apr 19, 2024 · economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by.
Economics definition: the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.. See examples of ECONOMICS used in a sentence.
Economics is a social science that examines how people choose among the alternatives available to them. It is social because it involves people and their behavior. It is a science because it uses, as much as possible, a scientific approach in its investigation of choices. Scarcity, Choice, and Cost.
Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.
the way in which trade, industry, or money is organized, or the study of this: Their ideas sound fine in principle, but they haven't worked out the economics behind the policies. She's in her third year of studying economics at York University. Fewer examples. I'm afraid my grasp of economics is rather limited.
Dec 19, 2023 · Economics is a social science concerned with the production, distribution, and consumption of goods and services. It's comprised of broader macroeconomics and...
Economics is the study of how we make choices in the face of scarcity and how those choices motivate behavior. THE FIELD OF ECONOMICS. As individuals, families, and nations, we confront difficult choices about how to use limited resources to meet our needs and wants.
