The words ‘economy’ and ‘economics’ come from the Greek word‘oikonomia’, which means ‘household management, thrift’. The Greek word‘oikonomos’means ‘steward, manager’. It comes from‘oikos’, which means a ‘dwelling’. According to theMacmillan Dictionary, economics is: “The study...
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The word "economy" derives from the Greek term for household management ("oikonomia") and the word is still used in that context. Economics as an area of study was touched on by philosophers in ancient Greece, notably Aristotle, but the modern study of economics began in 18th-century Europe...
In urban settings, the household has been defined as the person or people who occupy a housing unit, which could be a house, an apartment, a mobile home, a group of rooms, or a single room that is occupied as separate living quarters (Groves et al. 2004: 68). In rural societies, t...
1、Economics, 11e, Global Edition (Parkin) Chapter 1 What Is Economics?1 Definition of Economics1) All economic questions are aboutA) how to make money.B) what to produce.C) how to cope with scarcity.D) how to satisfy all our wants.Answer: CTopic: ScarcitySkill: RecognitionStatus: ...
Social economics is a branch of economics that focuses on the relationship between social behavior and economics.
Scope of Economics Microeconomics: The part of economics whose subject matter of study isindividual units, i.e. a consumer, a household, a firm, an industry, etc. It analyses the way in which the decisions are taken by the economic agents, concerning the allocation of the resources that are...
For example, we could talk about the economy of a household -how does the household allocate its resources? - or the economy of a country- how does the country allocate its resources? The word "economy", then, isused as a shorthand for the entity, the amount of stu at its disposal, ...
Economics is about demand and scarcity and how it influences the production, consumption, and transfer of wealth. Click for facts and worksheets in PDF format!
and families choose to create abudgetto help maintain expenses for the house, and to view how much money enters and leaves the house every month. In addition, household expenses may also be used when determining tax filing status, if one is eligible to file as the head of household. ...