Download - 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
• - 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
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
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
Microeconomics• a study of economics in terms of individual
areas of activity (as a firm, household, or prices)
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
Economical (adj.)
• marked by careful, efficient, and prudent use of resources
• operating with little waste or at a saving <an economical car>
Economy (adj.)
• designed to save money <economy cars>