(noun) The social science concerned with description and analysis of the production, distribution, and consumption of goods and services and the allocation and management of investments, money, and wealth.

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Usage Notes:

  • Also called economic science.
  • Informally called the dismal science.
  • Historically called political economy.
  • An (noun) economist (adverb) economically studies the economy to create (adjective) economic or (adjective) economical works.

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Works Consulted

Collins English Dictionary: Complete and Unabridged. 6th ed. 2003. Glasgow, Scotland: Collins.

Farlex. (N.d.) Dictionary, Encyclopedia and Thesaurus. Farlex. (

Macmillan. (N.d.) Macmillan Dictionary. (

Merriam-Webster. (N.d.) Merriam-Webster Dictionary. (

Oxford University Press. (N.d.) Oxford Dictionaries. (

Princeton University. 2010. WordNet. (

Random House Webster’s College Dictionary. 1997. New York: Random House.

Taylor & Francis. (N.d.) Routledge Handbooks Online. (

Wikipedia contributors. (N.d.) Wikipedia, The Free Encyclopedia. Wikimedia Foundation. (

Wikipedia contributors. (N.d.) Wiktionary, The Free Dictionary. Wikimedia Foundation. (

How to Cite the Definition of Economics

ASA – American Sociological Association (5th edition)

Bell, Kenton, ed. 2015. “economics.” In Open Education Sociology Dictionary. Retrieved June 26, 2019 (

APA – American Psychological Association (6th edition)

economics. (2015). In K. Bell (Ed.), Open education sociology dictionary. Retrieved from

Chicago/Turabian: Author-Date – Chicago Manual of Style (16th edition)

Bell, Kenton, ed. 2015. “economics.” In Open Education Sociology Dictionary. Accessed June 26, 2019.

MLA – Modern Language Association (7th edition)

“economics.” Open Education Sociology Dictionary. Ed. Kenton Bell. 2015. Web. 26 Jun. 2019. <>.