economics
UK[ˌiːkəˈnɒmɪks]US[ˌɛkəˈnɑːmɪks]
n
The study of how societies use scarce resources to produce and distribute goods and services.
n
The condition of a country or area in terms of the production and consumption of goods and services and the supply of money.
Morpheme Breakdown
eco
nom
ics
eco
household
nom
management
ics
study of
Etymology
The word 'economics' has a literal origin in the management of a household. It derives from the Greek oikonomia, a compound of oikos (house) and nomos (law, management), meaning "household management." This concept was broadened in the 17th century by philosophers to describe the management of a state's resources, treating the nation as a large household. The modern abstract discipline, formalized in the 18th and 19th centuries, retains this core logic but applies it to the complex systems of production, distribution, and consumption in entire societies.
Analysis
Structure: eco (household) + nom (management) + ics (study of)
eco: From Greek oikos, meaning "house, dwelling, household." In this word, it functions as a root indicating the domestic or resource base.
nom: From Greek nomos, meaning "law, custom, management." In this word, it functions as a root indicating the system or rules of management.
ics: A suffix of Greek origin via Latin -ica, used to form nouns denoting a body of knowledge, study, or practice.
Examples
She decided to major in economics to better understand global markets.
The government's new policy had a significant impact on the national economics.
Basic principles of economics can help with personal budgeting.