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'.
Similarly, it is asked, what does economy of means?
An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade, and consumption of goods and services by different agents. Economic agents can be individuals, businesses, organizations, or governments.
What does economic mean in world history?
pertaining to the production, distribution, and use of income, wealth, and commodities. of or relating to the science of economics. pertaining to an economy, or system of organization or operation, especially of the process of production.
What is meant by economy of words?
2 a means or instance of this; saving. 3 sparing, restrained, or efficient use, esp. to achieve the maximum effect for the minimum effort. economy of language. a the complex of human activities concerned with the production, distribution, and consumption of goods and services.