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What does the name economics mean?

ec·o·nom·ics (ĕk'ə-nŏm'ĭks, ē'kə-) n. 1. (used with a sing. verb) The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems. 2. (used with a sing. or pl. verb) Economic matters, especially relevant financial considerations ...

What is the best definition of "Economics"?

Economics is the study of choices. Though some believe that economics is driven purely by money or capital, the choice is much more expansive. If the study of economics is the study of how people choose to use their resources, analysts must also consider all of their possible resources, of which money is but one.

What are the basics of Economics?

Economics Basics. The economy is part of our collective conscious and a buzzword that links personal finances to big business and international trade deals. Economics deals with individual choice, but also with money and borrowing, production and consumption, trade and markets, employment and occupations, asset pricing, taxes and much more.


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