economics

Definition

The study of how the forces of supply and demand allocate scarce resources. Subdivided into microeconomics, which examines the behavior of firms, consumers and the role of government; and macroeconomics, which looks at inflation, unemployment, industrial production, and the role of government.

Use economics in a sentence

The economics of the situation were clearly explained during the discussion as understanding the motives behind the market players is vital.

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I read an article on economics today, and apparently the United States is has a stronger currency than Japan, though the Yen is doing very well.

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Looking at how supply and demand was impacting their bottom line was truly a lesson in economics. They had more supply and inventory than the market demanded. They had to hope from an upturn.

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1913 Federal Reserve Act fair price