| The New Dictionary of Cultural Literacy, Third Edition. 2002. |
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| economics |
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| The science that deals with the production, distribution, and consumption of commodities. | 1 |
| ‡ Economics is generally understood to concern behavior that, given the scarcity of means, arises to achieve certain ends. When scarcity ceases, conventional economic theory may no longer be applicable. (See affluent society.) | 2 |
| ‡ Economics is sometimes referred to as the “dismal science.” | 3 |
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| | | The New Dictionary of Cultural Literacy, Third Edition. Edited by E.D. Hirsch, Jr., Joseph F. Kett, and James Trefil. Copyright © 2002 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. |
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