WHAT IS ECONOMICS

Economics is the study of the way in which money, industry, and trade are organized in a society.

The economy of a country or region is the system by which money, industry, and trade are organized: a capitalist / socialist / free / market / mixed economy, political / domestic economy. The wealth obtained by a country or region from business and industry is also referred to as its economy: the national economy. Economy is also careful spending or the careful use of things to save money: economy of effort / words.

An economist is somebody who studies, works, or is an expert in the field of economics.

If you economize, you save money by spending it very carefully. To economize means to reduce expenditure, or use resources less wastefully: We had to economize on fuel.

Economic means concerned with the organization of the money, industry, and trade of a country, region, or social group. A business that is economic produces a profit.

Something that is economical does not require a lot of money to operate. If someone is economical, they spend money carefully and sensibly. Economical also means using the minimum amount of something that is necessary.

Economic or economical?

The adjective economic denotes economics or the economy, and is concerned with “aspects of the supply of goods and structure of wealth”: economic activity / theory / development / planning / policy, a Nobel Laureate's economic theories, the economic effects of taxation.

The adjective economical, on the other hand, has to do with economy specifically in its senses “making the best and most frugal use of resources” and “inexpensiveness”: an economical cook / housewife / production process / budget.

But the two adjectives can overlap in one sense, “efficient in terms of contributing to thrift”: an economical (or economic) use of electricity.

Date: 2015-04-20; view: 1187