economics

/,i:kə'nɔmiks/

Thân thiện

Economics helps us understand how goods and services are produced and distributed.

Definition

1. Noun:
   • The social science that studies how societies allocate scarce resources: "Economics" is the academic discipline that analyzes the production, distribution, and consumption of goods and services.
   • The economic aspects or system of a country, region, or sector: "Economics" can also refer to the practical financial considerations and conditions of a specific area.

Examples of Usage

• Noun:
  • She is studying economics at university to understand market forces.
  • The economics of the project were not viable, so it was canceled.
  • His decision was based more on emotion than on sound economics.

Advanced Usage

• "the dismal science": A historical nickname for economics, often used to suggest its focus on scarcity and tough choices.
  • Thomas Carlyle famously called economics "the dismal science."
• "supply-side economics": A theory emphasizing reductions in tax rates to stimulate economic growth.
  • The government's new policy is influenced by supply-side economics.

Variants and Related Words

• Economic (adj): Relating to economics or the economy.
  • The country faces significant economic challenges.
• Economist (n): A person who studies or is an expert in economics.
  • The economist predicted a rise in inflation.
• Economize (v): To spend less money; to be frugal.
  • We need to economize on our household budget.

Synonyms

• Political economy (an older, synonymous term for the discipline).
• The economy (when referring to a system, though "the economy" is a related but distinct concept).

Related Phrases

• Trickle-down economics: The theory that benefits for the wealthy will "trickle down" to everyone else.
  • Critics argue that trickle-down economics does not reduce poverty.
• Voodoo economics: A derogatory term for economic policies perceived as unrealistic or magical.
  • His opponent dismissed the tax plan as voodoo economics.

Related Idioms

• It's just good economics: Used to argue that a decision makes clear financial sense.
  • Investing in renewable energy isn't just ethical; it's just good economics.

Học thuật

Noun

1. the branch of social science that deals with the production and distribution and consumption of goods and services and their management

Từ đồng nghĩa

• economic science
• political economy