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Chapter: 11th Economics : Chapter 1 : Introduction To Micro-Economics

Economics: Meaning

Thus, the term ‘Economics’ means ‘management of households’.


Economics: Meaning

 

The term or word ‘Economics’ comes from the Ancient Greek oikonomikos (oikos means “households”; and, nomos means “management”, “custom” or “law”). Thus, the term ‘Economics’ means ‘management of households’. The subject was earlier known as ‘Political Economy’, is renamed as ‘Economics’, in the late 19th century by Alfred Marshall.

 

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11th Economics : Chapter 1 : Introduction To Micro-Economics : Economics: Meaning |


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