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Economy vs. Economics

Economy vs. Economics. Economy. from Greek oikonomia : oikos (= house) + nemein (= to manage) cf. with ecology ! Meanings: - the management of household or private affairs, especially expenses - efficient use of material and non-material resources

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Economy vs. Economics

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  1. Economy vs. Economics

  2. Economy • from Greek oikonomia : oikos (= house) + nemein (= to manage) • cf. with ecology ! • Meanings: • - the management of household or private affairs, especially expenses • - efficient use of material and non-material resources • - the arrangement or mode of operation of something (i.e. organization) • - system of interaction and exchange • - the structure or conditions of economic life in a country, area or period

  3. Economics • Meanings: • - a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services • - economic theory, principles or practices • - economic conditions • - economic aspect or significance

  4. Macroeconomics • a study of economics in terms of whole systems especially with reference to general levels of output and income and to the interrelations among sectors of the economy

  5. Microeconomics • a study of economics in terms of individual areas of activity (as a firm, household, or prices)

  6. Economic (adj.) • of or relating to economics <economic theories> • of, relating to, or based on the production, distribution, and consumption of goods and services <economic growth> • of or relating to an economy <a group of economic advisers> • profitable

  7. Economical (adj.) • marked by careful, efficient, and prudent use of resources • operating with little waste or at a saving <an economical car>

  8. Economy (adj.) • designed to save money <economy cars>

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