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English definition of “economics”

economics

noun
 
 
/ˌiːkəˈnɒmɪks/
[U] ECONOMICS the study of the way in which economies work, for example, the way in which they make money and produce and distribute goods and services: One of the laws of economics is that today's shortage is tomorrow's glut. He has a degree in economics. She's economics professor/professor of economics at the University of Berkeley. → See also applied economics, classical economics, development economics, financial economics, global economics, industrial economics, information economics, labour economics, macroeconomics, mathematical economics, microeconomics, supply-side economics, welfare economics
[plural] FINANCE business activities considered from a financial point of view, and whether or not products or services are likely to make a profit: Energy policy must be built on economics if it is to succeed. We are trying to change the economics of the digital business to let consumers benefit.
(Definition of economics from the Cambridge Business English Dictionary © Cambridge University Press)
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