Economics

Pronunciation

Alternative forms

• Å“conomics archaic

Origin

From economy, from Latin oeconomia, from Ancient Greek οἰκονομία (oikonomia, "management of a household, administration"), from οἶκος (oikos, "house") + νόμος (nomos, "law").

Full definition of economics

Noun

1. (social sciences) The study of resource allocation, distribution and consumption; of capital and investment; and of management of the factors of production.
• 2013-08-03, Boundary problems, Economics is a messy discipline: too fluid to be a science, too rigorous to be an art. Perhaps it is fitting that economists’ most-used metric, gross domestic product (GDP), is a tangle too.

Synonyms

• dismal science

Derived terms

• -nomics

Related terms

• economy