economics(redirected from Fundamentals of economics)
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ec•o•nom•ics(ˌɛk əˈnɒm ɪks, ˌi kə-)
2. an excessive emphasis on high profit, commercial success, or immediate results.
3. a commercial custom, practice, or expression. — commercialist, n. — commercialistic, adj.
2. the principle put forward by American economist Milton Friedman that control of the money supply and, thereby, of rate in the supply of credit serves to control inflation and recession while fostering prosperity. — monetarist, n., adj.
- Balancing the budget is a little like protecting your virtue —you just have to learn to say no —Ronald Reagan
- Capital is dead labor, that, vampire-like, only lives by sucking living labor —Karl Marx
- The Dow-Jones is floating up like a hot-air balloon —Francois Camoin
- Economics is like being lost in the woods. How can you tell where you are going when you don’t even know where you are? —Anon
- Feeding more tax dollars to government is like feeding a stray pup. It just follows you home and sits on your doorstep asking for more —Ronald Reagan
- Financial statements are like a bikini. What they reveal is interesting; what they conceal is vital —William W. Priest, Jr., Managing Director BEA Associates, “Wall Street Week” television program, January 9, 1987
- Forecasting economic averages is like assuring the non-swimmer that he can safely walk across the river because its average depth is only four feet —Milton Friedman
- Inflation, like DC-10s, and Three Mile Islands, and Cold Wars is bad for your mental health —Ellen Goodman
- It [the economy] looks more resistant to shoves and shocks than it once was. Like a clown on a roly-poly base, it swings back and forth but does not topple over —Leonard Silk, New York Times/Economic Scene, September 17, 1986
- A little inflation is like a little pregnancy, it keeps on growing —Leo Henderson
- Poverty is a temporary fault, but excessive wealth is [like] a lasting ailment —Kahlil Gibran
- A recession is like an unfortunate love affair. It’s a lot easier to talk your way in than it is to talk your way out —Bill Vaughan, Reader’s Digest, July, 1958
- Right now being an arbitrageur is kind of like being a fire hydrant at a dog show, you sure get a lot of attention —Anon arbitrageur, quote Wall Street Journal, 1987
The fire hydrants comparison was made in connection with the image problems resulting from arbitrage scandals.
- Signs of reviving inflation are as abundant as are skeptics who read each rise in inflationary barometers as an aberration —John C. Borland, New York Times, September 28, 1986
- The stock market climbed like the horses of Apollo —Hortense Calisher
- Takeovers on a scale that would make 19th-century pirates look like croquet players —Harry A. Jacobs (senior director of Prudential-Bache Securities), commenting on increase in company takeovers and other economic ills, as quoted in Leonard Silk’s column, New York Times/Economic Scene, February 4, 1987
- Tax loopholes are like parking spaces, they all seem to disappear by the time you get there —Joey Adams
- To some economists, inflation is like those trick birthday candles, the ones that are impossible to blow out —Joel Popkin, New York Times, August 17, 1986
- Turning national economic policy around is like turning the Queen Mary around in a bathtub —E. Gerald Corrigan, chairman of Federal Reserve Bank of New York, at Japan Society dinner, New York Times, April 17, 1987
- The wife economy [wherein husbands assume full economic responsibility for wives] is as obsolete as the slave economy —Elizabeth Hardwick
See Also: MARRIAGE
Economics is a noun. It usually refers to the study of the way in which money, industry, and trade are organized.
When economics has this meaning, it is an uncountable noun. You use a singular form of a verb with it.
If you want to say that something relates to the subject of economics, you use economics in front of another noun.
Don't talk about an 'economic degree' or an 'economic department'.
The economics of an industry or project are the aspects of it that are concerned with making a profit.
When economics is used with this meaning, it is a plural noun. You use a plural form of a verb with it.
Economy is also a noun. The economy of a country or region is the system by which money, industry, and trade are organized there.
Economy is also careful spending or the careful use of things in order to save money.
If you make economies, you try to save money by not spending it on unnecessary things.
However, don't refer to the money that someone has saved as their 'economies'. You refer to this money as their savings.
Economic is an adjective. You use it to describe things connected with the organization of money and trade in a country or region. When economic has this meaning, you only use it in front of a noun. Don't use it after a linking verb.
If something is economic, it makes a profit, or does not result in money being lost. When economic has this meaning, it can go either in front of a noun or after a linking verb.
Economical is also an adjective. If something is economical, it is cheap to operate or use.
|Noun||1.||economics - the branch of social science that deals with the production and distribution and consumption of goods and services and their management|
production - (economics) manufacturing or mining or growing something (usually in large quantities) for sale; "he introduced more efficient methods of production"
Gresham's Law - (economics) the principle that when two kinds of money having the same denominational value are in circulation the intrinsically more valuable money will be hoarded and the money of lower intrinsic value will circulate more freely until the intrinsically more valuable money is driven out of circulation; bad money drives out good; credited to Sir Thomas Gresham
economic theory - (economics) a theory of commercial activities (such as the production and consumption of goods)
social science - the branch of science that studies society and the relationships of individual within a society
game theory, theory of games - (economics) a theory of competition stated in terms of gains and losses among opposing players
econometrics - the application of mathematics and statistics to the study of economic and financial data
finance - the branch of economics that studies the management of money and other assets
macroeconomics - the branch of economics that studies the overall working of a national economy
microeconomics - the branch of economics that studies the economy of consumers or households or individual firms
supply-side economics - the school of economic theory that stresses the costs of production as a means of stimulating the economy; advocates policies that raise capital and labor output by increasing the incentive to produce
spillover - (economics) any indirect effect of public expenditure
capital account - (economics) that part of the balance of payments recording a nation's outflow and inflow of financial securities
economic consumption, use of goods and services, usance, consumption, use - (economics) the utilization of economic goods to satisfy needs or in manufacturing; "the consumption of energy has increased steadily"
utility - (economics) a measure that is to be maximized in any situation involving choice
marginal utility - (economics) the amount that utility increases with an increase of one unit of an economic good or service
productivity - (economics) the ratio of the quantity and quality of units produced to the labor per unit of time
monopoly - (economics) a market in which there are many buyers but only one seller; "a monopoly on silver"; "when you have a monopoly you can ask any price you like"
monopsony - (economics) a market in which goods or services are offered by several sellers but there is only one buyer
oligopoly - (economics) a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
moral hazard - (economics) the lack of any incentive to guard against a risk when you are protected against it (as by insurance); "insurance companies are exposed to a moral hazard if the insured party is not honest"
real - of, relating to, or representing an amount that is corrected for inflation; "real prices"; "real income"; "real wages"
nominal - of, relating to, or characteristic of an amount that is not adjusted for inflation; "the nominal GDP"; "nominal interest rates"
inflationary - associated with or tending to cause increases in inflation; "inflationary prices"
deflationary - associated with or tending to cause decreases in consumer prices or increases in the purchasing power of money; "deflationary measures"
"We have always known that heedless self-interest was bad morals; we know now that it is bad economics" [Franklin Delano Roosevelt First Inaugural Address]
"The Dismal Science" [Thomas Carlyle Latter-Day Pamphlets]
he's doing economics at university → estudia económicas en la universidad
see also home D