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]