economics
1 of 1noun/ˌɛ.kə.ˈnɑ.mɪks/
1
the study of how money, goods, and resources are produced, distributed, and used in a country or society
B1Learn more on WikipediaEconomics is the study of how people, businesses, and governments make choices regarding the use of resources. It looks at how goods and services are produced, distributed, and consumed, and how different factors like supply and demand affect the economy. Economics helps to understand financial systems and informs policy decisions related to growth, employment, and inflation.
- He decided to study economics to understand how markets work.
- Economics examines how people make choices with limited resources.
- The professor explained the basic principles of economics in the lecture.
- Understanding economics is essential for creating policies that reduce poverty.
- Behavioral economics studies how emotions and psychology influence financial decisions.
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