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

  • Studying economics can help you understand the cost and consequences of decisions made by government and corporations, and therefore help you make more informed decisions regarding your own personal life and money.

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