economics

American  

[ek-uh-nom-iks, ee-kuh-] / ˌɛk əˈnɒm ɪks, ˌi kə- /

noun

1. (used with a singular verb) the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.

2. (used with a plural verb) financial considerations; economically significant aspects.

   What are the economics of such a project?

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economics British  

/ ˌiːkəˈnɒmɪks, ˌɛkə- /

noun

1. (functioning as singular) the social science concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society See also macroeconomics microeconomics

2. (functioning as plural) financial aspects

   the economics of the project are very doubtful

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economics Cultural  

1. The science that deals with the production, distribution, and consumption of commodities.

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Discover More

Economics is sometimes referred to as the “dismal science.”

Economics is generally understood to concern behavior that, given the scarcity of means, arises to achieve certain ends. When scarcity ceases, conventional economic theory may no longer be applicable. (See affluent society.)

Etymology

Origin of economics

First recorded in 1785–95; economic, -ics

Explanation

Economics studies the production, distribution and consumption of goods and services and their management. People get jobs, they make things, they sell those things, they get paid, they use that money to buy other things. Economics makes the world go round. Economics is a branch of social science. Like dueling political parties, economists also support different theories about how to best regulate the economy with government policies. Since it relates to the financial health of countries and how countries interact through trade, the relevance of economics is enormous and often the subject of the evening news. "Home Economics" is the somewhat antiquated yet still relevant notion of the management of money, food, laundry, and cleaning that keep a house running smoothly.

Example Sentences

“The fallout — economics, public safety and national security — could be severe.”

From MarketWatch • Apr. 11, 2026

The economics of this war have always been a central factor, not a by-product.

From BBC • Apr. 8, 2026

In January and February combined, the swings attributable to this “birth-death model” were about 100,000 jobs more than usual, economist Abiel Reinhart of JPMorgan Chase’s economics team has estimated.

From The Wall Street Journal • Apr. 8, 2026

A key support right now is tax refunds, says Mike Skordeles, head of U.S. economics at Truist.

From Barron's • Apr. 8, 2026

“Even I can’t take the pepper,” another guest said, a Ghanaian lecturer in economics whose name Richard always forgot.

From "Half of a Yellow Sun" by Chimamanda Ngozi Adichie

Related Words

• business
• finance
• social science