- economics
- The study of the economy. See also: macroeconomics; microeconomics; Keynesian economics, monetarism ( monetarist), and supply-side economics. Bloomberg Financial Dictionary
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economics ec‧o‧nom‧ics [ˌekəˈnɒmɪks, ˌiː- ǁ -ˈnɑː-] noun ECONOMICS1. [uncountable] the study of the way in which wealth is produced and used:• Our consultants include a professor of economics at Harvard University.
apˌplied ecoˈnomics [uncountable] ECONOMICSeconomics used to understand and solve problems in the world of business and government, rather than just as ideas:• a one-year course in applied economics for government policymakers
ˌclassical ecoˈnomics [uncountable] ECONOMICSthe ideas that people had about economics between the 18th and early 20th centuries, for example that wealth increases as a result of people following their own interest, and that there is a natural state of balance in the economy that will happen if nothing is done to disturb itdeˈvelopment ecoˌnomics [uncountable] ECONOMICSthe study of how to increase wealth in countries that are changing from an agricultural economy to an industrial one:• A knowledge of development economics and the challenges faced by a small, developing country would be an advantage for this job.
inˌdustrial ecoˈnomics [uncountable] ECONOMICSthe study of how businesses compete against each other in different industries, and what makes businesses succeed or failmatheˌmatical ecoˈnomics [uncountable] ECONOMICS STATISTICSanother name for econometricsˈsupply-side ecoˌnomics [uncountable] ECONOMICSa theory stating that governments should cut taxes in order to encourage investment, rather than making more money available in the economyˈwelfare ecoˌnomics [uncountable] ECONOMICSthe part of economics that deals with how a country's economy should be managed to increase the wealth and standard of living of people in the country:• In welfare economics the existence of market failure is sufficient reason for government intervention.
2. [plural] calculations of whether an activity or business will be profitable or not:• The economics of producing oil from coal do not look attractive.
— see also macroeconomics, microeconomics* * *
economics UK US /ˌiːkəˈnɒmɪks/ noun► [U] ECONOMICS the study of the way in which economies work, for example, the way in which they make money and produce and distribute goods and services: »One of the laws of economics is that today's shortage is tomorrow's glut.
»He has a degree in economics.
»She's economics professor/professor of economics at the University of Berkeley.
→ See also APPLIED ECONOMICS(Cf. ↑applied economics), CLASSICAL ECONOMICS(Cf. ↑classical economics), DEVELOPMENT ECONOMICS(Cf. ↑development economics), FINANCIAL ECONOMICS(Cf. ↑financial economics), GLOBAL ECONOMICS(Cf. ↑global economics), INDUSTRIAL ECONOMICS(Cf. ↑industrial economics), INFORMATION ECONOMICS(Cf. ↑information economics), LABOUR ECONOMICS(Cf. ↑labour economics), MACROECONOMICS(Cf. ↑macroeconomics), MATHEMATICAL ECONOMICS(Cf. ↑mathematical economics), MICROECONOMICS(Cf. ↑microeconomics), SUPPLY-SIDE ECONOMICS(Cf. ↑supply-side economics), WELFARE ECONOMICS(Cf. ↑welfare economics)► [plural] FINANCE business activities considered from a financial point of view, and whether or not products or services are likely to make a profit: »Energy policy must be built on economics if it is to succeed.
»We are trying to change the economics of the digital business to let consumers benefit.
Financial and business terms. 2012.
