Explain the origin of word “Economics” and “Statistics”.
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The term economics comes from the ancient greek which means okionomikos. Political economy is renamed as economics by Alfred marshall. Economics means management of households.
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- the word 'economics' comes from two Greek words 'eco' meaning home and 'nomos' meaning account
- the word 'statistics' is derived from the New Latin Statisticum collegium meaning council of state and the Italian word 'statista' meaning statesman or politician
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