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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 noun from the Cambridge Business English Dictionary © Cambridge University Press)
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