Thursday, July 26, 2012

Class XI, Principles of Economics, "Origin of the word Economics"

According to economists, the word ‘economics’ has been derived from the word ‘Political Economy’ which consist of three Latin words:
Polis which means state.
Plika which means domestic or related home.
Nama which means principles.
i.e. it means those principles which are adopted in a home to bring a balance between income and expenditure that can be applied to a state for the sake of balance. Most economist vise of the vices state that the Economics has been derived from the Greek word “OIKONOMOS”.

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