economics
- 01 B2 Upper Intermediate
the study of how money, trade, and resources are used in a country or society.
the social science that studies the production, distribution, and consumption of goods and services.
Simple“She decided to study economics at university to understand how global markets work.”
In context“Modern economics relies heavily on mathematical models to predict how changes in interest rates will affect consumer spending habits.”
UsageTreated as a singular noun when referring to the field of study.
PitfallEconomics 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'.
Synonymspolitical economyfinance - 02 B2 Upper Intermediate
the way a particular business, project, or country manages its money and costs.
the financial considerations or the practical economic factors relating to a specific activity or system.
Simple“The economics of the new car project don't look very good because the parts are too expensive.”
In context“The underlying economics of the renewable energy sector have shifted dramatically as the cost of solar panels continues to plummet.”
UsageCan be treated as plural when referring to specific financial facts or figures.
Synonyms - 03 C1 Advanced
an older term for managing a home and its budget, now usually called home economics.
the management of household resources; historically the primary meaning, now largely restricted to the compound 'home economics'.
Simple“In the past, students took classes in economics to learn how to run a kitchen and manage a family budget.”
In context“The original Greek root of the word referred strictly to domestic economics, specifically the art of managing a household's private estate.”
Synonyms
“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.”
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.