Define Economics. (1 mark)
Dear student
The word economics is derived from the Greek word Oikos (meaning house) and nomos (meaning manage). Therefore, the instant derivation of economics is managing the house. Over the past years, the meaning and scope of economics have widened. In the words of Alfred Marshall, economics is the study of mankind in the ordinary business of life.
Regards
The word economics is derived from the Greek word Oikos (meaning house) and nomos (meaning manage). Therefore, the instant derivation of economics is managing the house. Over the past years, the meaning and scope of economics have widened. In the words of Alfred Marshall, economics is the study of mankind in the ordinary business of life.
Regards