What is the best definition for economics? I would appreciate if you can give me the source of your definition. Thanks.
2007-03-20 18:14:54 · 4 answers · asked by Buddyhunk 2 in Social Science ➔ Economics
'Economics' comes from the Greek word oikos, meaning "house" and nomos, meaning custom or law, Combine the two, it means "rules of the house." I means customs of managing the household. Since there is scarcity in the resources to maintain the upkeeps of the household, it becomes really necessary to plan it out. As society becomes complex, there is a need for a systematic study and planning to sustain a community of household or society.
2007-03-23 20:43:43 · answer #1 · answered by Ernesto 2 · 0⤊ 0⤋
Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.
2007-03-21 13:10:47 · answer #2 · answered by Maruf 2 · 0⤊ 0⤋
the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.
2007-03-21 01:18:16 · answer #3 · answered by Alex 5 · 0⤊ 0⤋
making the cash so you can spend the cash
2007-03-21 01:36:55 · answer #4 · answered by michael_6446 2 · 0⤊ 0⤋