economics


economics
The study of the economy. See also: macroeconomics; microeconomics; Keynesian economics, monetarism ( monetarist), and supply-side economics. Bloomberg Financial Dictionary

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economics ec‧o‧nom‧ics [ˌekəˈnɒmɪks, ˌiː- ǁ -ˈnɑː-] noun ECONOMICS
1. [uncountable] the study of the way in which wealth is produced and used:

• Our consultants include a professor of economics at Harvard University.

apˌplied ecoˈnomics [uncountable] ECONOMICS
economics used to understand and solve problems in the world of business and government, rather than just as ideas:

• a one-year course in applied economics for government policymakers

ˌclassical ecoˈnomics [uncountable] ECONOMICS
the ideas that people had about economics between the 18th and early 20th centuries, for example that wealth increases as a result of people following their own interest, and that there is a natural state of balance in the economy that will happen if nothing is done to disturb it
deˈvelopment ecoˌnomics [uncountable] ECONOMICS
the study of how to increase wealth in countries that are changing from an agricultural economy to an industrial one:

• A knowledge of development economics and the challenges faced by a small, developing country would be an advantage for this job.

inˌdustrial ecoˈnomics [uncountable] ECONOMICS
the study of how businesses compete against each other in different industries, and what makes businesses succeed or fail
matheˌmatical ecoˈnomics [uncountable] ECONOMICS STATISTICS
another name for econometrics
ˈsupply-side ecoˌnomics [uncountable] ECONOMICS
a theory stating that governments should cut taxes in order to encourage investment, rather than making more money available in the economy
ˈwelfare ecoˌnomics [uncountable] ECONOMICS
the part of economics that deals with how a country's economy should be managed to increase the wealth and standard of living of people in the country:

• In welfare economics the existence of market failure is sufficient reason for government intervention.

2. [plural] calculations of whether an activity or business will be profitable or not:

• The economics of producing oil from coal do not look attractive.

— see also macroeconomics, microeconomics

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economics UK US /ˌiːkəˈnɒmɪks/ noun
[U] ECONOMICS the study of the way in which economies work, for example, the way in which they make money and produce and distribute goods and services: »

One of the laws of economics is that today's shortage is tomorrow's glut.

»

He has a degree in economics.

»

She's economics professor/professor of economics at the University of Berkeley.

See also APPLIED ECONOMICS(Cf. applied economics), CLASSICAL ECONOMICS(Cf. ↑classical economics), DEVELOPMENT ECONOMICS(Cf. ↑development economics), FINANCIAL ECONOMICS(Cf. ↑financial economics), GLOBAL ECONOMICS(Cf. ↑global economics), INDUSTRIAL ECONOMICS(Cf. ↑industrial economics), INFORMATION ECONOMICS(Cf. ↑information economics), LABOUR ECONOMICS(Cf. ↑labour economics), MACROECONOMICS(Cf. ↑macroeconomics), MATHEMATICAL ECONOMICS(Cf. ↑mathematical economics), MICROECONOMICS(Cf. ↑microeconomics), SUPPLY-SIDE ECONOMICS(Cf. ↑supply-side economics), WELFARE ECONOMICS(Cf. ↑welfare economics)
[plural] FINANCE business activities considered from a financial point of view, and whether or not products or services are likely to make a profit: »

Energy policy must be built on economics if it is to succeed.

»

We are trying to change the economics of the digital business to let consumers benefit.


Financial and business terms. 2012.

Synonyms:

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