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economics

/ˌikəˈnɑmɪks/
Meanings
  • noun

    1. The production, distribution, and management of resources and goods and services in a community or country.

    - "Economics is the study of how societies allocate scarce resources."
    - "The economics of running a small business can be complex."
    - "Macroeconomics looks at the economy as a whole, while microeconomics focuses on individual markets and industries."
  • noun

    2. The branch of social science dealing with this.

    - "He earned a Ph.D. in economics."
    - "She teaches economics at the university."
Pronunciation
  1. /ˌikəˈnɑmɪks/



    Source: "https://commons.wikimedia.org/w/index.php?curid=57385112"
  2. /ˌiːkəˈnɒmɪks/



    Source: "https://commons.wikimedia.org/w/index.php?curid=9014398"
  3. /ˌikəˈnɑmɪks/



    Source: "https://commons.wikimedia.org/w/index.php?curid=1755146"
Synonyms

dismal science
Rhymes
Words rhyming with economics
comics , mics , pics
Variants
List of all variants of economics that leads to same result
economics , geo-economic , geo-economics , geoeconomic , geoeconomics , home ec , home economics , home economist , home economists , new economics , supply-side economics
Etymology
origin and the way in which meanings have changed throughout history.

From the Greek oikonomia, meaning 'management of a household,' from oikos 'house' + nomos 'management' or 'law'

Trivia
Any details, considerations, events or pieces of information regarding the word

  1. The study of economics dates back to ancient civilizations, with evidence of economic principles being discussed as early as 3000 BCE.

  2. The first university economics department was established in 1815 at the University of Lausanne in Switzerland.

  3. The Nobel Memorial Prize in Economic Sciences was first awarded in 1969 to Paul Samuelson and Robert Solow for their contributions to economic theory.

  4. Economics is often referred to as the 'dismal science' due to its focus on scarcity and the potential negative consequences of economic decisions.

  5. The term 'economics' comes from the Greek word oikonomia, which means 'management of a household'.

Related Concepts
informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

  1. Microeconomics: The branch of economics dealing with individual economic units, such as households and firms.

  2. Macroeconomics: The branch of economics dealing with the economy as a whole, including topics such as inflation, unemployment, and economic growth.

  3. Supply and Demand: A fundamental economic concept describing the relationship between the price of a good or service and the quantity that consumers are willing and able to buy.

  4. Market Economy: An economic system in which prices for goods and services are determined by supply and demand in the market.

  5. Command Economy: An economic system in which the government owns and controls the means of production and distribution of goods and services.

Culture
Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Economics has been the subject of literature, art, and music throughout history. For example, Adam Smith's 'The Wealth of Nations' is a seminal work in economics, and the term 'economics' is mentioned in various works of literature, such as Charles Dickens' 'Bleak House' and F. Scott Fitzgerald's 'The Great Gatsby'. Economics is also the subject of numerous songs and musical compositions.

How to Memorize "economics"

  1. visualize

    - Imagine a community or country where resources are being produced, distributed, and managed. Visualize the different economic units, such as households and firms, and the various markets and industries.

  2. associate

    - Associate the word 'economics' with the idea of managing resources and producing goods and services. Think of words like 'production,' 'distribution,' and 'management'.

  3. mnemonics

    - Use the mnemonic 'Every Crab Is A Nice Crustacean' to remember the definition of economics: 'Every Country Imports And Exports Natural Commodities And Services'. This mnemonic helps you remember that economics is about the study of countries and their production, distribution, and exchange of resources.

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