economy3

The English words "economy" and "economics" can be traced back to the Greek words οἰκονόμος, i.e. "one who manages a household", a composite word derived from οἴκος ("house") and νέμω ("manage; distribute"); οἰκονομία ("household management"); and οἰκονομικός ("of a household; of family").

The first recorded sense of the word "œconomy" is in the phrase "the management of œconomic affairs", found in a work possibly composed in a monastery in 1440. "Economy" is later recorded in more general senses, including "thrift" and "administration".

The most frequently used current sense, denoting "the economic system of a country or an area", seems not to have developed until the 19th or 20th century.^[8]

economy2

Today the range of fields of study examining the economy revolve around the social science of economics, but may include sociology (economic sociology), history (economic history), anthropology (economic anthropology), and geography (economic geography). Practical fields directly related to the human activities involving production, distribution, exchange, and consumption of goods and services as a whole, range from engineering tomanagement and business administration to applied science to finance.

economy

An economy consists of the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade,distribution, and consumption of goods and services of that area. An economy may also be described as a spatially limited and social network wheregoods and services are exchanged according to demand and supply between participants by barter or a medium of exchange with a credit or debitvalue accepted within the network.