[ek-uh-nom-iks, ee-kuh-] 
| 1. | (used with a singular verb ) the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. |
| 2. | (used with a plural verb) financial considerations; economically significant aspects: What are the economics of such a project? |
| ec·o·nom·ics (ěk'ə-nŏm'ĭks, ē'kə-) n.
|
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.”
Economics
The study of how people use their limited resources in an attempt to satisfy unlimited wants.
Investopedia Commentary
Economics is often referred to as the Dismal Science.
Related Links
Economics Basics Tutorial
See also: Dismal Science, Economic Profit, Economies of Scale, Equilibrium, Keynesian Economics, Laffer Curve, Laissez Faire, Macroeconomics, Microeconomics, Scarcity, Supply Side Theory, Trickle Down Theory