economics

  

Definition

The theories, principles, and models that deal with how the market process works. It attempts to explain how wealth is created and distributed in communities, how people allocate resources that are scarce and have many alternative uses, and other such matters that arise in dealing with human wants and their satisfaction.

Use economics in a sentence

  • Many students who pursue a career in business must study economics to help better understand why businesses make certain decisions based on the current economic state.

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  • An ever popular field of study for undergraduate students is economics because many students have post-grad Wall street aspirations, however, few economic majors actually end up on Wall Street in the end.

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  • He wanted to improve his management skills by enrolling in business college, but simple economics made him realize that he couldn't go to classes and make enough money to provide for his family at the same time.

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