Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, management of a household, administration) from οἶκος (oikos, house) + νόμος (nomos, custom or law), hence rules of the house(hold). Political economy was the earlier name for the subject, but economists in the late 19th century suggested economics as a shorter term for economic science that also avoided a narrow political-interest connotation and as similar in form to mathematics, ethics, and so forth.
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Author: Artis Zelmenis