economics (ˌiːkəˈnɒmɪks, ˌɛkə-) ![]() | |
| —n | |
| 1. | (functioning as singular) macroeconomics See also microeconomics the social science concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society |
| 2. | (functioning as plural) financial aspects: the economics of the project are very doubtful |
| a gadget; dingus; thingumbob. |
| a children's mummer's parade, as on the Fourth of July, with prizes for the best costumes. |
The science that deals with the production, distribution, and consumption of commodities.
Note: Economics is generally understood to concern behavior that, given the scarcity of means, arises to achieve certain ends. When scarcity ceases, conventional economic theory may no longer be applicable. (See affluent society.)
Note: Economics is sometimes referred to as the “dismal science.”