Definition

The study of how people use resources to produce, distribute, and consume goods and services.

Example

She decided to major in economics because she was interested in how markets work.

Conversation

Have you taken any classes in economics yet?

Not yet, but I've heard it's really interesting.

Yeah, I think understanding economics could really help us in the future.

Absolutely! It’s important for making smart financial decisions.

Synonyms & Antonyms

Root Explanation

Economics → It is formed from "oikos" (meaning house or household) and "nomos" (meaning law or management). The word refers to the management of household or resources, reflecting the principles of resource allocation and production.

Memory Tip

Think of 'oikos' meaning house and 'nomos' meaning management — this helps you remember that economics is about managing resources in a household or society.

Visually Confused Words