Breifly explain the following terms: economic, economics economy, economist, theory and theorem?



Answer:
Economic:
1 economic: economical using the minimum of time or resources necessary for effectiveness; "an economic use of home heating oil"; "a modern economical heating system"; "an economical use of her time"
2 economic: financially rewarding; "it was no longer economic to keep the factory open"; "have to keep prices high enough to make it economic to continue the service"
3 economic: concerned with worldly necessities of life (especially money); "he wrote the book primarily for economic reasons"; "gave up the large house for economic reasons"; "in economic terms they are very privileged"
4 economic: of or relating to the science of economics; "economic theory"

economics: noun
1 economics, economic science, political economy the branch of social science that deals with the production and distribution and consumption of goods and services and their management

economy: noun
1 economy, saving an act of economizing; reduction in cost; "it was a small economy to walk to work every day"; "there was a saving of 50 cents"
2 economy, thriftiness frugality in the expenditure of money or resources; "the Scots are famous for their economy"

economist: noun
1 economist, economic expert an expert in the science of economics

theory: noun
1 hypothesis, possibility, theory a tentative theory about the natural world; a concept that is not yet verified but that if true would explain certain facts or phenomena; "a scientific hypothesis that survives experimental testing becomes a scientific theory"; "he proposed a fresh theory
2 theory: a belief that can guide behavior; "the architect has a theory that more is less"; "they killed him on the theory that dead men tell no tales"
3 theory: a well-substantiated explanation of some aspect of the natural world; an organized system of accepted knowledge that applies in a variety of circumstances to explain a specific set of phenomena; "theories can incorporate facts and laws and tested hypothes

theorem: noun
1 theorem: an idea accepted as a demonstrable truth
2 theorem: a proposition deducible from basic postulates
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