Cool MateEconomics
UK /["/ˌiːkəˈnɒmɪks//ˌekəˈnɒmɪks/"]/US /["/ˌiːkəˈnɑːmɪks//ˌekəˈnɑːmɪks/"]/
Definition
the study of how a society organizes its money, trade and industry
In simple words: The study of how money, goods, and services are made and used.
Examples
- He studied politics and economics at Yale.
- Keynesian/Marxist economics
- trends in modern economics
- The economics of the project are very encouraging.
- The economics of maintaining a safe environment are not just the concern of the government.
Usage notes
Used in academic contexts, discussions about business, and when analyzing markets. It may not be suitable for casual conversations unless related to finances or current events.
Grammar pattern
standalone noun
Memory hint
Think of 'eco' for 'environment' and 'nomics' like 'money'—it's about how we manage resources.
Collocations
- applied
- theoretical
- classical
- a school of economics
Synonyms
- finance
- economy
- commerce
- trade
- business
Antonyms
- inefficiency
- wastefulness
Common mistakes
- Confusing economics with economic, which pertains to the economy.
- Using 'economics' as a singular countable noun (it is uncountable).
- Incorrect pronunciation, often emphasizing the wrong syllable.