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>