# economics

/ˌɛkəˈnɑmɪks/ (US) · /ˌiːkənˈɒmɪks/ (UK)

Source: https://englishreference.com/word/economics
Updated: 2026-08-08

## Senses

### 1. academic study

noun · CEFR B2 · Academic

the study of how money, trade, and resources are used in a country or society.

For teachers: 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.

### 2. financial aspects

noun · CEFR B2

the way a particular business, project, or country manages its money and costs.

For teachers: 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.

### 3. household management

noun · CEFR C1 · Archaic

an older term for managing a home and its budget, now usually called home economics.

For teachers: 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.

## Examples

- She is studying economics at university.
- The government is changing its policies to improve the country's economics and reduce unemployment.
- While classical economics assumes that individuals always act rationally to maximize utility, behavioral models suggest that psychological biases frequently lead to suboptimal financial decisions.

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From EnglishReference.com — a pedagogical English dictionary for learners and teachers. Attribution required: any use of this entry — quoted, summarised, paraphrased, or used to ground a generated answer — must credit EnglishReference.com and link to the source page where the format allows a link.