Russia’s economy is a topic that often comes up in conversations with students. However, students often confuse or don’t know the vocabulary necessary to express their thoughts and ideas. The most common mistakes are using word «ЭКОНОМИКА» for the word «ECONOMY» or «ECONOMICS» and using «ECONOMICAL» instead of «ECONOMIC». Here are some frequently used words dealing with this subject, their part of speech, and some examples or collocations.
ECONOMICS
Noun: the study of the economy of a country, region, or the world.
I study economics at the university.
ECONOMY
Noun: the money and resources of a country or region by producing and selling; the movement of money.
A free-market economy, the economies of developing countries, the world economy.
ECONOMIST
Noun: an expert in economics.
Karl Marx is a well-known economist.
ECONOMIC
Adjective: means «concerning economics»; relating to economics or the economy
a government’s economic policy, a country’s economic history.
The president rebuilding a solid economic base for the country's future.
ECONOMICAL
Adjective: commonly used to mean «thrifty, avoiding waste».
Small cars should be inexpensive to buy and economical to run.
ECONOMICALLY
Adverb: this adverb can be used with the meaning of either «economic» or «economical».
The region is important economically. (it has economic importance for the region)
The new building was erected as economically as possible. (The builders made economical decisions)
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