Quick Answer: What is the Greek word of economics?

The word ‘economics’ comes from two Greek words, ‘eco’ meaning home and ‘nomos’ meaning accounts. The subject has developed from being about how to keep the family accounts into the wide-ranging subject of today. … Also, there are different ways of learning economics.

What is the meaning of oikos and nomos?

First of all, from a linguistic point of view, the word “economy” derives from the Greek οἴκος (oikos), which means “house” and νόμος (nomos), which is “managing”.

What is the word for economics?

The study of resource allocation, distribution and consumption. finance. business. commerce. dismal science.

What is OI KO in economics?

The oikos (household) was the base unit for the organization of social, political, and economic life in the Ancient Greek world. … The oikos was composed of a nuclear family as well as extended family members such as grandparents or unmarried female relatives.

What does Greek word ECOS mean?

At its core, both in Greek and Latin, “ecos” means home and community — where we live. The words ecology and economy differ in their suffixes. The Greek root “-logy” is from legein: to gather, count, say or speak. … Economy is derived from the Greek oikonomia: oikos plus nomos.

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What is economics in simple words?

In its most simple and concise definition, economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services. … Macroeconomics – the branch of economics that studies the overall working of a national economy.

What are the 4 definitions of economics?

Top 4 Definitions of Economics (With Conclusion)

  • General Definition of Economics:
  • Adam Smith’s Wealth Definition:
  • Marshall’s Welfare Definition:
  • Robbins’ Scarcity Definition:

Who is the father of economics?

The field began with the observations of the earliest economists, such as Adam Smith, the Scottish philosopher popularly credited with being the father of economics—although scholars were making economic observations long before Smith authored The Wealth of Nations in 1776.

What is economics class 11?

Economics is a science that studies human behavior which aims at allocation of scarce resources in such a way that consumer can maximise their satisfaction, producers can maximise their profits and society can maximise its social welfare. It is about making choice in the presence of scarcity.

Is Eco a Latin or Greek root?

The tension and contemporary enmity between ecology and economy is ironic because they share a common root eco – from Greek oikos, house, household. … So, at root, eco means dwelling place. Ecology and economy differ in their suffixes.

Is eco Latin or Greek?

Etymology. From French eco-, from Latin oeco, from Ancient Greek οἶκος (oîkos, “house, household”).

What does nomics mean in economics?

(economics) Used to form nouns meaning the economics, economic practises, or economic philosophy of a specified person or state.

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