GENERAL KNOWLEDGE

Detailed explanation-1: -The word ‘economics’ is derived from two Greek words, ‘eco’ meaning home and ‘nomos’ meaning account, which refers to household management.

Detailed explanation-2: -Oikonomos (Greek: , from -‘house’ and- ‘rule, law’), latinized œconomus, oeconomus, or economos, was an Ancient Greek word meaning “household manager.” In Byzantine times, the term was used as a title of a manager or treasurer of an organization.

Detailed explanation-3: -The word “economics” comes from the Greek word “Oikonomia” meaning “management of a household”. Hence, in its original sense the meaning of a strong economy is essentially one where a household is well managed.

Detailed explanation-4: -The term economics is derived from the Greek word ‘oikonomos’ meaning the management of household. The term defines that how all resources are optimally used in an household so that maximum satisfaction is derived.

Detailed explanation-5: -The ancient Greek word oikos (ancient Greek: , plural: ; English prefix: eco-for ecology and economics) refers to three related but distinct concepts: the family, the family’s property, and the house. Its meaning shifts even within texts. The oikos was the basic unit of society in most Greek city-states.