Question

What is the origin of the term “economy”?

Answer 1

The origin of the term "economy" comes from the Greek word "oikonomia", which means "management of a household". It was originally used to refer to the efficient and effective management of resources within a household. Over time, the meaning of the term broadened to encompass the management of resources within larger systems, such as communities and nations.

Answer 2

The term "economy" comes from the Greek word "oikonomia," which means "household management" or "administration of a household." The term was later adopted by economists to describe the study of how societies manage their resources and allocate them among competing needs and wants.

Answer 3

The term "economy" originates from the Greek word "oikonomia," meaning "household management" or "management of a household's resources," which later expanded to encompass broader economic systems.