economics

/ɛkəˈnɑmɪks/

/ɛkəˈnɒmɪks/

Economics studies the production, distribution and consumption of goods and services and their management. People get jobs, they make things, they sell those things, they get paid, they use that money to buy other things. Economics makes the world go round.

Economics is a branch of social science. Like dueling political parties, economists also support different theories about how to best regulate the economy with government policies. Since it relates to the financial health of countries and how countries interact through trade, the relevance of economics is enormous and often the subject of the evening news. "Home Economics" is the somewhat antiquated yet still relevant notion of the management of money, food, laundry, and cleaning that keep a house running smoothly.

Definitions of economics

1. noun

   the branch of social science that deals with the production and distribution and consumption of goods and services and their management
   synonyms: economic science, political economy

   types:

   econometrics

   the application of mathematics and statistics to the study of economic and financial data

   finance

   the branch of economics that studies the management of money and other assets

   macroeconomics

   the branch of economics that studies the overall working of a national economy

   microeconomics

   the branch of economics that studies the economy of consumers or households or individual firms

   supply-side economics

   the school of economic theory that stresses the costs of production as a means of stimulating the economy; advocates policies that raise capital and labor output by increasing the incentive to produce

   type of:

   social science

   the branch of science that studies society and the relationships of individual within a society