- noun the study of the production, distribution, selling and use of goods and services
- plural noun the study of financial structures to show how a product or service is costed and what returns it produces
(written as Economics)Economics concerns the study of human behaviour as a relationship between given ends and scarce means having alternative uses. Economics also addresses how we (individually or collectively) ought to choose (the normative face of economics) as well as what and why we choose as we do. Even if claims that economics is a science are not entirely sustainable on account of the common infusion of value judgments (often only implicit) and highly imperfect means of hypothesis testing, economics has considerable value in identifying the informational needs of policy and in creating useful categories and perspectives from which to evaluate options.