Meaning & use
economics
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Meanings
noununcountable
The study of how money, goods, and services are produced, bought, and sold, and how people and governments make choices about resources.
Grammar: Used as an uncountable noun: say 'Economics is interesting,' not 'Economics are interesting.'
Patterns
- study economics
- a degree in economics
- the economics of something
She decided to study economics at university because she wanted to understand global markets.
The economics of the deal did not make sense to the small investors.
He teaches economics to first-year students and often uses real-world examples.
nounplural
The financial aspects or principles of a particular situation, business, or activity.
Grammar: Used with a plural verb when talking about the financial details of a specific case: 'The economics of the project are complicated.'
Patterns
- the economics of something
- the economics behind something
The economics of running a small farm have changed dramatically in recent years.
Before we invest, we need to look at the economics of the whole operation.
The economics behind the proposed tax cut are questionable.
Common combinations
- study economics
- Many students study economics to improve their career prospects.
- a degree in economics
- He has a degree in economics from a top university.
- the economics of something
- The economics of healthcare are extremely complex.
- applied economics
- Applied economics uses real data to solve practical problems.
- macro/micro economics
- In macroeconomics we look at national income, while microeconomics focuses on individual markets.
Synonyms and how they differ
- economic theory
- A more academic term for the ideas and models behind economics; economics as a subject is broader.
- finance
- Finance deals with managing money and investments, while economics studies the whole system of production and consumption.
Word family
- economy noun
- The system by which a country produces and uses goods and services.
- economic adjective
- Relating to trade, industry, and money.
- economist noun
- A person who studies or is an expert in economics.
- economical adjective
- Using money or resources carefully; not wasteful.
Commonly confused: economics or economy?
economics vs economy
Economy is the real-world system of money and trade; economics is the academic study of that system.
Practice
Which sentence uses 'economics' correctly?
Choose one answer.
The economics of something' is correct when talking about the financial aspects of a specific situation. Option 1 uses 'economic' as a noun, which is wrong; option 2 uses 'economics' for a country's system, which should be 'economy'; option 3 uses 'economics' as an adjective, which should be 'economic'.
Make it your own
Write a sentence using “economics”, then check it and compare it with the examples above.