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What is the Economics meaning?

0 4 Views | Posted 3 months ago
Asked by Ishita Uniyal

  • 1 Answer

  • M

    Answered by

    Mohit Datta | Contributor-Level 9

    3 months ago

    Good question! To make this simple for you, the word Economics was derived from an ancient Greek work "oikonomia", which literally means "household management". So now you understand, Economics is a subject in which we basically study about the budget of the whole world.

    Its concepts are used to study the production, distribution, and consumption of goods and services, and how to utilize these sources when they are scarce.

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