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

(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.
(used with a plural verb) financial considerations; significant aspects:
What are the economics of such a project?
/ˌiːkəˈnɒmɪks; ˌɛkə-/
(functioning as sing) 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
(functioning as pl) financial aspects: the economics of the project are very doubtful

1580s, “art of managing a household,” perhaps from French économique (see economic); also see -ics. Meaning “science of wealth” is from 1792.

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

Note: 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.)

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


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  • Economise

    [ih-kon-uh-mahyz] /ɪˈkɒn əˌmaɪz/ verb (used without object), economized, economizing. 1. to practice ; avoid waste or extravagance. verb (used with object), economized, economizing. 2. to manage ; use sparingly or frugally. /ɪˈkɒnəˌmaɪz/ verb 1. (often foll by on) to limit or reduce (expense, waste, etc) v. 1640s, “to govern a household,” from economy + -ize. […]

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