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WordNet-Online
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Definitions from the WebOrigin of the Word EconomicsDescription:The term "economics" originates from the ancient Greek word "οἰκονομία" (oikonomia), which can be broken down into "οἶκος" (oikos) meaning "household" and "νόμος" (nomos) meaning "management" or "law." Combining these elements, economics essentially refers to the management and allocation of resources within a household or society. Part of Speech:Noun Sense 1:Referring to the social science that studies the production, distribution, and consumption of goods and services. Sample Sentence:Economics plays a crucial role in analyzing the effects of supply and demand on market equilibrium. Sense 2:Referring to the financial aspects or management of a particular organization or industry. Sample Sentence:The company's new CEO implemented innovative economics strategies to maximize profits. Sense 3:Referring to a particular economic system or theory. Sample Sentence:Classical economics emphasizes the importance of free markets and limited government intervention. Local Usage:In local contexts, the term "economics" is commonly used to describe the current state of the local economy or business environment, as well as its trends and challenges. Sample Sentence:The newspaper article discussed the economics of the region, highlighting the impact of tourism on local businesses. | ||||
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