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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"
The meaning of ECONOMICS is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services. How to use economics in a sentence.
Jun 28, 2024 · Economics is a social science that focuses on the production, distribution, and consumption of goods and services. The study of economics is primarily concerned with...
May 18, 2024 · economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth.
Economics ( / ˌɛkəˈnɒmɪks, ˌiːkə -/) [1] [2] is a social science that studies the production, distribution, and consumption of goods and services. [3] [4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
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.
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ECONOMICS definition: 1. the way in which trade, industry, or money is organized, or the study of this: 2. the way in…. Learn more.
About Transcript. In this video, we introduce the field of economics using quotes from the person that many consider to be the "father" of economics: Adam Smith. Topics include the definition of economics, microeconomics, and macroeconomics as a field and the role of assumptions in economic decisionmaking.Created by Sal Khan.
Define economics. Explain the concepts of scarcity and opportunity cost and how they relate to the definition of economics. Understand the three fundamental economic questions: What should be produced? How should goods and services be produced? For whom should goods and services be produced?
What Is Economics? Introduction. Economics is about making choices. We make all kinds of choices every day. How much should I spend on gas? What’s the best route to work? Where should we go for dinner? Which job or career should I go for?
