The Collaborative International Dictionary of English v.0.48:

Economics \E`co*nom"ics\ ([=e]`k[o^]*n[o^]m"[i^]ks), n. [Gr. ta`
   o'ikonomika`, equiv. to "h o'ikonomi`a. See Economic.]
   1. The science of household affairs, or of domestic
      management.
      [1913 Webster]

   2. Political economy; the science of the utilities or the
      useful application of wealth or material resources; the
      study of the production, distribution, and consumption of
      goods and services of a nation or region, and its effect
      on the wealth of a country. See Political economy, under
      Political. "In politics and economics." --V. Knox.
      [1913 Webster +PJC]

WordNet (r) 3.0 (2006):

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