Economic science

Economics (UK English: /iːkəˈnɒmɪks/, /ɛkəˈnɒmɪks/; US English: /ɛkəˈnɑːmɪks/, /ikəˈnɑːmɪks/) is "a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services". The discipline was renamed in the late 19th century primarily due to Alfred Marshall from "political economy" to "economics" as a shorter term for "economic science" at a time when it became more open to rigorous thinking and made increased use of mathematics, which helped support efforts to have it accepted as a science and as a separate discipline outside of political science and other social sciences. The ultimate goal of economics is to improve the living conditions of people in their everyday life.

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