Word
economics
Phoneticseco·nom·ics
US/ˌɛkəˈnɑmɪks/
UK/ˌiːkənˈɒmɪks/
Definitions
01academic study
B2 · Upper Intermediate Uncountable noun Academic
n. the study of how money, trade, and resources are used in a country or society.
n. the social science that studies the production, distribution, and consumption of goods and services.
“She decided to study economics at university to understand how global markets work.”
“Modern economics relies heavily on mathematical models to predict how changes in interest rates will affect consumer spending habits.”
Usage
Treated as a singular noun when referring to the field of study.
Pitfall
Economics are my favorite subject.
Economics is my favorite subject.
When referring to the academic subject, the word takes a singular verb despite ending in 's'.
Synonyms
02financial aspects
B2 · Upper Intermediate Plural noun
n. the way a particular business, project, or country manages its money and costs.
n. the financial considerations or the practical economic factors relating to a specific activity or system.
“The economics of the new car project don't look very good because the parts are too expensive.”
“The underlying economics of the renewable energy sector have shifted dramatically as the cost of solar panels continues to plummet.”
Usage
Can be treated as plural when referring to specific financial facts or figures.
Synonyms
03household management
C1 · Advanced Uncountable noun Archaic
n. an older term for managing a home and its budget, now usually called home economics.
n. the management of household resources; historically the primary meaning, now largely restricted to the compound 'home economics'.
“In the past, students took classes in economics to learn how to run a kitchen and manage a family budget.”
“The original Greek root of the word referred strictly to domestic economics, specifically the art of managing a household's private estate.”
Synonyms
Collocations
Common phrases and expressions where native English speakers use the word “economics” in context.
Verb
01. apply economics to policy
“The government is trying to apply behavioral economics to public health policy.”
verb + noun + prep + noun
02. study economics
“She decided to study economics at university to better understand global markets.”
verb + noun
Adjective
03. applied economics
“He is taking a course in applied economics to learn how to analyze real-world data.”
adj + noun
04. classical economics
“Classical economics emphasizes the power of free markets and competition.”
adj + noun
05. global economics
“The conference focused on the impact of digital currencies on global economics.”
adj + noun
Noun
06. degree in economics
“After earning a degree in economics, he found a job as a financial analyst.”
noun + prep + noun
07. economics department
“The university's economics department is famous for its research on poverty.”
noun + noun
08. principles of economics
“The first-year students are learning the basic principles of economics.”
noun + of + noun
Real-World Examples
“Nowacki took his A-levels in Economics, Mathematics and Physics.” “And of course we know that economics provides excellent career options.”
A student in north London reacts on getting their A-level results.” Etymology
From econom(y) + -ics, from Latin oeconomia, from Ancient Greek οἰκονομία (oikonomía, “the management of a household”).
Etymology adapted from Wiktionary, available under CC BY-SA 4.0.
Word family
NOUN
ADVERB
Related words
- Exam level
- CambridgeCambridgeCambridge English QualificationsThe exam suite from Cambridge University Press & Assessment, from A1 Movers up to C2 Proficiency. The benchmark names double as CEFR labels.B2 FirstIELTSIELTSInternational English Language Testing SystemThe 0–9 band test co-owned by the British Council, IDP, and Cambridge. Used for university entry, work, and migration.5.5–6.5TOEFL iBTTOEFL iBTTest of English as a Foreign Language, Internet-Based TestETS's academic English test, the standard route for US university admissions. Scored 0–120, with a 1–6 scale since 2026.1–6 scale: 4.0–4.572–94TOEICTOEICTest of English for International CommunicationETS's workplace English test, big in Japan and Korea. Listening & Reading scores 10–990 and tops out at C1.785–944
- Frequency
- Common
- Level
- B2 · Upper IntermediateOxford
- Updated
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