origin of the word "economics" The word "economics" is derived from a Greek word "okionomia", which means "household management" or "management of house affairs" -i.e., how people earn income and resources and how they spend them on their necessities, comforts and luxuries. The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics, from the ancient world to the present day in the 21st Century. Meaning… See definitions of economics. Economics is the science of how goods and services are produced and consumed. This field encompasses many disparate schools of economic thought. ECONOMICS Meaning: "art of managing a household," perhaps from French économique (see economic); also see -ics. Learn about what economics is and how it influences your everyday life.

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