Definition, Meaning & Synonyms
economics
noun
/ɪˈkɒnəmɪks/
Definition
The study of how societies use resources to produce goods and services and distribute them among the population.
Examples
- Understanding economics is crucial for making informed financial decisions.
- She studied economics to better understand market trends.
- Many policies are based on economic theories and principles.
Meaning
Economics explores how individuals and governments allocate limited resources to fulfill their needs and wants.
Synonyms
- Finance
- Trade
- Commerce
- Business
- Fiscal studies
