Upravljanje kućom, domaćinstvo, celishodno uređenje; gazdinstvo, imanje, dobro; štednja, štedljivost, razumno iskorišćavanje dobara i snage; privreda, poljoprivreda, nauka o privredi, poljoprivredi, o organizaciji proizvodnje, po načelu: što veći uspeh sa što manjim sredstvima, tj. postizanje cilja što manjom upotrebom snage. (grč.)
ETYM Greek oikonomika, equiv. to oikonomia.
Related to Economic.
The branch of social science that deals with the production and distribution and consumption of goods and services and their management; SYN. economic science, political economy.
Social science devoted to studying the production, distribution, and consumption of wealth. It consists of the disciplines of microeconomics, the study of individual producers, consumers, or markets, and macroeconomics, the study of whole economies or systems (in particular, areas such as taxation and public spending).
Economics is the study of how, in a given society, choices are made in the allocation of resources to produce goods and services for consumption, and the mechanisms and principles that govern this process. Economics seeks to apply scientific method to construct theories about the processes involved and to test them against what actually happens. Its two central concerns are the efficient allocation of available resources and the problem of reconciling finite resources with a virtually infinite desire for goods and services. Economics analyses the ingredients of economic efficiency in the production process, and the implications for practical policies, and examines conflicting demands for resources and the consequences of whatever choices are made, whether by individuals, enterprises, or governments.
Microeconomics and macroeconomics frequently overlap. They include the subdiscipline of econometrics, which analyses economic relationships using mathematical and statistical techniques. Increasingly sophisticated econometric methods are today being used for such topics as economic forecasting. Pioneers in this field include Ragnar Frisch and Leonid Kantorovich.
Economics aims to be either positive, presenting objective and scientific explanations of how an economy works, or normative, offering prescriptions and recommendations on what should be done to cure perceived ills.
However, almost inevitably, value judgments are involved in all economists' formulations.
Economics came of age as a separate area of study with the publication of Adam Smith’s The Wealth of Nations 1776; the economist Alfred Marshall (1842–1924) established the orthodox position of neo-classical economics, which, as modified by John Maynard Keynes, remains the standard today. Major economic thinkers include David Ricardo, Thomas Malthus, J S Mill, Karl Marx, Vilfredo Pareto, and Milton Friedman.
ETYM French économie, Latin oeconomia household management, from Greek oikonomia, from oikonomos one managing a household; oikos house (akin to Latin vicus village, Eng. vicinity) + nomos usage, law, rule, from nemein to distribute, manage. Related to Vicinity, Nomad.
1. An act of economizing; reduction in cost; or; SYN. saving.
2. Frugality in the expenditure of money or resources; SYN. thriftiness.
3. The efficient use of resources.
4. The system of production and distribution and consumption; SYN. economic system.