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: -The English term ‘Economics’ is derived from the Greek word ‘Oikonomia’. Its meaning is ‘household management’. Economics was first read in ancient Greece. Aristotle, the Greek Philosopher termed Economics as a science of ‘household management’.

Detailed explanation-3: -The word “economics” is from the Greek words [oikos], meaning “family, household, estate, ‘’ and [nomos], or “custom, law, ‘’ and hence literally means “household management” or “management of the state.” An economist is a person using economic concepts and data in the course of employment.

Detailed explanation-4: -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-5: -The term is derived from the Ancient Greek (oikonomikos), “practiced in the management of a household or family” and therefore “frugal, thrifty", which in turn comes from (oikonomia) “household management” which in turn comes from (oikos “house") and (nomos, “custom” or “law").