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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