GENERAL KNOWLEDGE

Detailed explanation-1: -Economics comes from the ancient Greek word “oikonomikos” or “oikonomia.” Oikonomikos literally translates to “the task of managing a household.” French mercantilists used “economie politique” or political economy as a term for matters related to public administration.

Detailed explanation-2: -Etymology. From economy, from Latin oeconomia, from Ancient Greek (oikonomía, “management of a household, administration”), from (oîkos, “house”) + (nómos, “management”).

Detailed explanation-3: -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-4: -Oikonomikos is a Greek word which means household management. It deals with the finance and position handling within an household. The term ‘economics’ which deals with national management of economic factors was, thus, further derived.