Economic Science (Noun)
Meaning
The branch of social science that deals with the production and distribution and consumption of goods and services and their management.
Classification
Nouns denoting cognitive processes and contents.
Examples
- Economic science is a vital tool for policymakers to understand the impact of their decisions on the overall well-being of society.
- The study of economic science helps us understand how markets work and how to allocate resources efficiently.
- The application of economic science in business decision-making can lead to increased efficiency and profitability.
- Economic science is an interdisciplinary field that draws on psychology, sociology, and politics to understand human behavior and decision-making.
- The development of economic science as a distinct field of study is attributed to Adam Smith, who is considered the father of modern economics.