the branch of social science that deals with the production and distribution and consumption of goods and services and their management
"The university offers a rigorous course in economics to help students understand how societies manage the production, distribution, and consumption of goods and services."
The study of resource allocation, distribution and consumption; of capital and investment; and of management of the factors of production.
"The department hired a new professor to teach economics, focusing specifically on how nations manage their resources and invest in future industries."
In plain English: Economics is the study of how people and societies decide to use their limited resources to satisfy their wants.
"Many students choose to study economics because they want to understand how businesses make money."
Usage: Economics refers to the social science that studies how societies manage scarce resources, produce goods, and distribute wealth. Use this term when discussing broad systems of trade, government policy, or financial markets rather than personal budgeting.
The word economics comes from the Latin oeconomia, which was borrowed from the Ancient Greek oikonomía. Originally, this term referred to the management of a household before it evolved to describe the broader study of resource allocation.