economics

Definition

The study of resource allocation, distribution and consumption; of capital and investment; and of management of the factors of production.

Etymology

From econom(y) + -ics, from Latin oeconomia, from Ancient Greek οἰκονομία (oikonomía, “the management of a household”).

Example Sentences

• "Mary studied economics for five years before going into banking."
• "Economics is a messy discipline: too fluid to be a science, too rigorous to be an art. Perhaps it is fitting that economists’ most-used metric, gross domestic product (GDP), is a tangle too."

Related Words