The word ‘Economics’ originates from the Greek root words ________ and __________ . Fill in the blanks.
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The word' Economics' originates from the Greek root words 'Oikos ' and 'nomos'.
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oikos, nomos.
The word ‘Economics’ is taken from the Greek term ‘Oikonomia’.
The meaning of it is ‘household management’.
The subject was first found out in ancient Greece.
The Greek Philosopher, Aristotle, defined Economics as ‘household management’.
But with rapid changes in civilization and time, the economic situation of people changed a lot.
Due to it, a revolutionary change of describing Economics was noticed.
By the eighteenth century end, Adam Smith, the father of Economics and the noted English Economist described Economics as the ‘Science of Wealth’.
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