Economics Meaning

/ˌiːkəˈnɒmɪks/
B1

Definition, CEFR level B1, pronunciation, examples, and quiz.

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nounThe study of resource allocation, distribution and consumption; of capital and investment; and of management of the factors of production.

nounNow chiefly home economics: the art or science of household management, especially relating to the appropriate organization of resources; housekeeping.

While employed at the bank, he taught economics at college.
If they admit me to the university, I think I will major in economics.
He studied politics and economics at Yale.
CEFR Practice Quiz
She studied ____ in college to understand how markets and money work.
CEFR Practice Quiz (Alternate)
While employed at the bank, he taught ____ at college.

From economic (noun) (obsolete) + -s (suffix forming pluralia tantum, and regular plural forms of nouns). Economic is derived from Middle English economike, iconomique (“household management”), and then: * from Middle French iconomique, oeconomique, and Old French iconomike (“(noun) household management; person in charge of household management; (adjective) relating to household management; relating to domestic or family matters; relating to management of a state; reducing costs or expenses, economical”) (modern French économique); and * from their etymon Latin oeconomicus (“(noun) household manager, housekeeper, steward; (adjective) relating to orderly arrangement of written material”) (whence Late Latin economicus (“relating to (management of) a household”)), and economica (“household management”), both from Ancient Greek οἰκονομῐκός (oikonomĭkós, “skilled in household management; frugal, thrifty, economical”) (whence Koine Greek οἰκονομῐκός (oikonomĭkós, “relating to orderly arrangement of written material”)); from οἰκονόμος (oikonómos, “master of a house; household manager, steward; administrator, manager”) + -ῐκός (-ĭkós, suffix meaning ‘of or relating to’ forming adjectives). Οἰκονόμος (Oikonómos) is derived from οἶκος (oîkos, “dwelling place, house; estate”) (ultimately from Proto-Indo-European *weyḱ- (“(verb) to enter in; to settle; (noun) settlement”)) + νόμος (nómos, “law, ordinance”) (from νέμω (némō, “to distribute; to possess”) (ultimately from Proto-Indo-European *nem- (“to distribute; to give; to take”)) + -ος (-os, suffix forming o-grade action nouns from verbs)). By surface analysis, econom(y) + -ics (suffix forming nouns denoting fields of knowledge or practice).

"Thus Logick, Phyſicks, Metaphyſicks, are the burden of Volumes, and the dayly entertainment of the Diſputing Schools: vvhile the more profitable doctrines of the Heavens, Meteors, Minerals, Animals; as alſo the more practical ones of Politicks, and Oeconomicks, are ſcarce ſo much as glanc'd at." — 1661, Joseph Glanvill, chapter XVII, in The Vanity of Dogmatizing: Or Confidence in Opinions. […], London: […] E. C[otes] for Henry Eversden […], →OCLC, page 166:
"[H]e now furthermore contrived the scheme of a little Club, where monthly over a frugal dinner some reunion might take place; […] The scheme was approved by the persons concerned: I have a copy of the Original Regulations, probably drawn up by Sterling, a very solid lucid piece of economics; […]" — 1851, Thomas Carlyle, “Literature: The Sterling Club”, in The Life of John Sterling, London: Chapman and Hall, […], →OCLC, part II, page 208:
"Being now turned of sixteen, and the family economics getting yearly more propitious and flourishing, he, as his brother had already been, was sent to Glasgow University, in which city their Mother had connexions." — 1851, Thomas Carlyle, “Universities: Glasgow; Cambridge”, in The Life of John Sterling, London: Chapman and Hall, […], →OCLC, part I, page 41:
"The Annals of the French Republic, from the Eſtabliſhment of the Conſtitution of the third Year, 6 vols. 8vo.— […] In the fourth [volume] are military pieces; in the fifth and ſixth, various literary intelligence, and memoranda reſpecting commerce, œconomics, &c. may be found." — 1799 April, “[Appendix.] Occasional retrospect of foreign literature. France.”, in The Critical Review; or, Annals of Literature; […], volume XXV (New Arrangement), London: […] S. Hamilton, […], →OCLC, page 566:
"[L]et him accept and hive every fact of chemistry, natural history, and economics; the more he has, the less is he willing to spare any one." — 1841, R[alph] W[aldo] Emerson, “Essay VII. Prudence.”, in Essays, Boston, Mass.: James Munroe and Company, →OCLC, page 188:

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CEFR Practice Quiz
She studied ____ in college to understand how markets and money work.
CEFR Practice Quiz (Alternate)
While employed at the bank, he taught ____ at college.

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