The term economic generally relates to the economy or the system by which goods and services are produced, sold, and bought. It can refer to anything connected with the organization of money, industry, and trade within a country, region, or society. For example, economic growth refers to the increase in a country's production and wealth, and economic policies might involve government decisions affecting trade and money
. More specifically, economic can mean:
- Relating to the economy or its processes, such as production, distribution, and consumption of goods and services.
- Pertaining to the science of economics, which studies how individuals, businesses, and governments allocate scarce resources to meet needs and wants
- Sometimes it is used to describe something that is profitable or capable of being produced or operated efficiently
In summary, "economic" describes anything connected to the economy or economics—the study and management of resources, production, and trade in society
