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.

Noun

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