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The word ‘economics’ comes from two Greek words, ‘eco’ meaning home and ‘nomos’ meaning accounts. The subject has developed from being about how to keep the family accounts into the wide-ranging subject of today.
Who invented the word economics?
The term «economics» was popularized by such neoclassical economists as Alfred Marshall as a concise synonym for «economic science» and a substitute for the earlier «political economy».
What is Oikonomia in Greek word?
Nearly every economist has at some point in the standard coursework been exposed to a brief explanation that the origin of the word «economy» can be traced back to the Greek word oikonomia, which in turn is composed of two words: oikos, which is usually translated as «household»; and nemein, which is best translated as …
What is the meaning of Oikonomia ‘? *?
«Oikonomia» is a Latin word which means household as it is related to the financial management of household activities through which the concept of economics was derived.
What’s the Greek word for household?
The oikos (household) was the base unit for the organization of social, political, and economic life in the Ancient Greek world. The person in charge of all its affairs was the oikonomos. The oikos was composed of a nuclear family as well as extended family members such as grandparents or unmarried female relatives.
33 related questions found
Who is known as father of economics?
Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics. Smith is most famous for his 1776 book, «The Wealth of Nations.»
What are the two Greek word of economics?
The word ‘economics’ comes from two Greek words, ‘eco’ meaning home and ‘nomos’ meaning accounts. The subject has developed from being about how to keep the family accounts into the wide-ranging subject of today.
What does Greek word oikos mean?
Most of us are familiar with the prefix “ecos.” It conjures up images of Earth, and forms the basis of words such as ecology, economics and ecosystem — which all share the same Greek root, ecos, derived from “oikos,” meaning “house or household.”
What is meant by Istoria?
The word istoria is the Greek word for story.
When was the word economics first used?
The first recorded sense of the word «economy» 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».
What are the 3 major theories of economics?
Contending Economic Theories: Neoclassical, Keynesian, and Marxian. By Richard D.
When did economics start?
The effective birth of economics as a separate discipline may be traced to the year 1776, when the Scottish philosopher Adam Smith published An Inquiry into the Nature and Causes of the Wealth of Nations.
What language is istoria?
Answer: the word istoria is Greek language.
What is the original meaning of the word history?
The Greek word historia originally meant inquiry, the act of seeking knowledge, as well as the knowledge that results from inquiry. … And from there it’s a short jump to the accounts of events that a person might put together from making inquiries — what we might call stories.
What does istoria mean in art?
An istoria is a narrative painting which includes a complex composition and a large number of figures.
What is the oikos of God?
This year’s theme A Home for All? Renewing the Oikos of God, invites us to consider the integral web of relationships that sustain the wellbeing of the Earth. Oikos is the root of the word oikumene, or ecumenical, which describes our ‘common home’, as Pope Francis calls it in Laudato Si’.
What is the Greek word for family love?
Storge (/ˈstɔːr.ɡi/; from Ancient Greek στοργή (storgḗ) ‘love, affection’), or familial love, refers to natural or instinctual affection, such as the love of a parent towards offspring and vice versa. In social psychology, another term for love between good friends is philia.
What is oikos and Nomos?
Oikos(means a household) + Nomos(means management). So, it means household management.
What is the Latin word for economics?
From economy, from Latin oeconomia, from Ancient Greek οἰκονομία (oikonomía, “management of a household, administration”), from οἶκος (oîkos, “house”) + νόμος (nómos, “management”).
Who is the mother of economics?
1. Amartya Sen has been called the Mother Teresa of Economics for his work on famine, human development, welfare economics, the underlying mechanisms of poverty, gender inequality, and political liberalism.
Who is the father of Indian economics?
P. V. Narasimha Rao was part of Vande Matram movement in the late 1930s in the Hyderabad state.
Who invented capitalism?
Who invented capitalism? Modern capitalist theory is traditionally traced to the 18th-century treatise An Inquiry into the Nature and Causes of the Wealth of Nations by Scottish political economist Adam Smith, and the origins of capitalism as an economic system can be placed in the 16th century.
What is the origin and etymology of Geo?
word-forming element meaning «earth, the Earth,» ultimately from Greek geo-, combining form of Attic and Ionic gē «the earth, land, a land or country» (see Gaia).
Who coined the word history?
Answer: The word history comes from the Ancient Greek ἱστορία (historía), meaning ‘inquiry’, ‘knowledge from inquiry’, or ‘judge’. It was in that sense that Aristotle used the word in his History of Animals.
- economic
- хозяйственный ; экономически ; экономичный ; оптимальный ; рентабельный ; прикладной ; ? economic accountability ; ? economic accounting ; ? economic activity ; ? economic advancement and social progress ; ? economic affairs ; ? economic and social frame
Англо-Русский словарь финансовых терминов.
2000.
Смотреть что такое «economic» в других словарях:
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economic — ec‧o‧nom‧ic [ˌekəˈnɒmɪk◂, ˌiː ǁ ˈnɑː ] adjective [only before a noun] 1. ECONOMICS COMMERCE relating to or involving economics, money, finance, industry, trade etc: • The economic climate (= general state of the economy ) is not … Financial and business terms
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economic — I adjective cost effective, cost reducing, economical, labor saving, money saving, time saving, thrifty associated concepts: economic activity, economic conditions, economic depression, economic groups, economic factors, economic interest,… … Law dictionary
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Economic — E co*nom ic (?; 277), Economical E co*nom ic*al, a. [F. [ e]conomique, L. oeconomicus orderly, methodical, Gr. ? economical. See {Economy}.] 1. Pertaining to the household; domestic. In this economical misfortune [of ill assorted matrimony.]… … The Collaborative International Dictionary of English
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economic — ECONÓMIC, Ă, economici, ce, adj. 1. Care aparţine economiei, privitor la economie; economicesc. 2. (Şi adv.) Care cere puţine cheltuieli, care permite economii; ieftin, convenabil, economicos. – Din fr. économique. Trimis de LauraGellner,… … Dicționar Român
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economic — economic, economical 1. These are both adjectives answering to the word economy: economic in the meanings ‘relating to economics’ and ‘frugal, characterized by good economy’, and economical in the meaning ‘sparing in the use of resources’. An… … Modern English usage
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economic — [ek΄ə näm′ik, ē΄kənäm′ik] adj. [L oeconomicus < Gr oikonomia: see ECONOMY] 1. of or having to do with the management of the income, expenditures, etc. of a household, business, community, or government 2. of or having to do with the production … English World dictionary
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economic — 1590s, pertaining to management of a household, perhaps shortened from ECONOMICAL (Cf. economical) or from Fr. économique or directly from L. oeconomicus of domestic economy, from Gk. oikonomikos practiced in the management of a household or… … Etymology dictionary
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economic — [adj] business related; financial bread and butter*, budgetary, commercial, fiscal, industrial, material, mercantile, monetary, money making, pecuniary, productive, profitable, profit making, remunerative, solvent, viable; concepts 334,536 … New thesaurus
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economic — ► ADJECTIVE 1) relating to economics or the economy. 2) justified in terms of profitability … English terms dictionary
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economic — /ek euh nom ik, ee keuh /, adj. 1. pertaining to the production, distribution, and use of income, wealth, and commodities. 2. of or pertaining to the science of economics. 3. pertaining to an economy, or system of organization or operation, esp.… … Universalium
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economic — adjective 1 (only before noun) connected with trade, industry, and the management of money: strategies to promote economic growth | It makes no economic sense at all! | economic climate (=conditions affecting trade, industry, and business) 2 an… … Longman dictionary of contemporary English
Economic and Economical are two words in the English language that should be used with an understanding of the difference between them. This is due to the fact that they convey different senses. The word economic refers to the ‘monetary’ or ‘financial’ situation or condition of a person or a country for that matter. On the other hand, the word economical refers to ‘the expenditure’ factor involved in the making of products or service. This is the main difference between the two terms economic and economical. In this article, we will discuss more about each term so that you can have a clear idea of the difference between economic and economical.
What does Economic mean?
The word economic is used when we are referring to a monetary or financial situation or condition. To have a clear idea about the meaning of the word economic, let us look at a few examples.
The economic condition of the country is good.
The economic standards should improve.
From the above sentences, the use of the word economic gives an idea related to the monetary situation and financial status of the country. In the first sentence, the expression ‘economic condition’ is used in the sense of ‘financial condition’. In the second sentence, the expression ‘economic standards’ refers to ‘financial or monetary standards’. The word economical is an adjective. Moreover, the word economic has its noun form in the word ‘economy’.
Economic development of India
What does Economical mean?
The word economical is mainly used to speak about something that is related to saving money. So, it is connected to the expenditure in the production process of goods and services. Let us see and example.
This engine is the best you can find. It is economical. You can travel more miles with it.
Here, by using the word economical to describe the engine, the speaker is telling that this particular engine saves money. That is by going more miles with the fuel than other vehicles. In that way, you get to save money. Your expenditure is reduced. The word economical often refers to the ‘expenditure’ involved in a particular action or in the making of a product. Observe the sentence given below.
It is economical to use their service.
In this sentence, you can see that the word economical is used in the sense of ‘expenditure’ by giving the meaning that ‘it is not very expensive to use their service’. In other words, it means using their service is better than using another as it does not cost more money.
It is interesting to note that the word economical is sometimes used in reference to ‘not conceding’ something as in the sentence ‘the bowler was very economical’. You get the meaning that the bowler did not concede many runs to the opposite team by his bowling. There also, the original meaning of saving is implied by using the word economical. Here, money is not involved. However, in a match, what matters like money is the scoring. By, not giving the opposite team the opportunity to score more, the bowler has saved points for his own team. So, he was economical. This is the meaning you would get by the use of the word economical.
‘This engine is the best you can find. It is economical. You can travel more miles with it.’
The word economical has also been used as a good literary term for euphemism. For example, the phrase ‘economical with the truth’ is a popular usage of the word. This means someone is lying. Without directly saying that, the speaker says someone is economical with the truth. However, when choosing to use economical or economic in writing, you have to be extremely careful about the context.
What is the difference between Economic and Economical?
• The word economic refers to the ‘monetary’ or ‘financial’ situation or condition of a person or a country for that matter. On the other hand, the word economical refers to ‘the expenditure’ factor involved in the making of products or service. Here, the word economical denotes that something is saving money.
• It is interesting to note that both the words, economic and economical are used as adjectives in describing nouns. The noun of economic is economy.
• The word economical is sometimes used in reference to ‘not conceding;’ something like in the scene of a match.
As you can see there is a clear-cut difference between economic and economical. Therefore, when you are going to use one of the words in your writing make sure it is the appropriate word for the context.
Images Courtesy:
- Composition of India’s total production (million tonnes) of foodgrains and commercial crops, in 2003–04 via Wikicommons (Public Domain)
- 1993 Yamaha OX10A engine by Morio (CC BY-SA 3.0)
This lesson’s about economy words, so an English word family: economy, economize, economic, economical, economist, economics. They’re words you’ll often see in the news and they’re going to be useful if you’re using English at work or taking an exam.
Let’s compare their different meanings, uses and pronunciations.
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Economic, Economy, Economize etc. Video script
Come on over here everyone. Come on up front. Get your words here. Six words for the price of one. It’s a bargain!
Here’s a family words that you’ll often hear in the news. They’re useful if you need English for work or business, or if you’re taking an exam. They all come from the same root and they all mean something to do with money.
Let’s start with economy. This is about a system where money and goods are produced by a country. All countries want to grow their economies.
Hi everybody. Our top priority as a nation must be growing the economy. Creating good jobs and rebuilding opportunity for the middle class.
Now in a lot of languages people talk about the economy of company too, but English is different. When we’re talking about how much money a company has and how its managed, we usually say finances instead.
Jay.
Yes?
We need to talk about the company’s finances.
How are we doing?
Not good. Sales are down.
Well the economy’s been bad for everyone.
So we generally talk about the economy of a country and the finances of a company. Remember that. OK, next up we have a verb.
We’re spending too much money. We need to economize.
Impossible!
Do you really need to fly first class all the time?
Absolutely! I love the champagne they serve.
Well, we’ve got to cut down somehow.
So economizing means cutting down and trying to use less money than normal. So that’s a new meaning. It’s about trying to save money.
Great. Let’s look at two adjectives now. Economic and economical. They mean different things. We can say economic or economic and we can say economical or economical, but they mean different things.
And now financial news. Despite difficult economic conditions in Europe, the global economy continues to grow.
Economic means relating to the economy – production, trade, managing money. Economical is different.
You know we should buy bigger bags of pistachios.
Mmm. It would be more economical.
Economical is about using money carefully, so there’s no waste. So we’ve got these two different meanings again – money and saving money.
OK, just two more words. First one. What’s an economist?
And now for $100, can you name the economist who wrote the wealth of nations?
Ooo. I can. I can. It was Adam Smith.
You’re right for 100 dollars. Congratulations.
An economist is a person who studies economies. And the subject they study is… economics. The study of how money and goods are produced.
Economist. Economics. Notice the pronunciation. The stress moved. Let’s check all the words for that. Say them with me.
eCONomy
eCONomize
ecoNOMic
ecoNOMical
eCONomist
ecoNOMics
Now there are other words and meanings you can add to this family but you’ve got the basics here. Just remember there are two different ideas going on – money and saving money.
So that’s it for this week everyone. Don’t forget to subscribe to our channel, if you haven’t already and see you next Friday! Bye!
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The word economic is commonly found in Social Science textbooks, social media, and news. But have you heard of economical? Is economical even a word? It sure is, and I’ll explain the difference between the two so you can properly use them in writing.
I’ll show the difference between economic vs. economical in terms of definition and I also provided examples of how to use these two words in a sentence.
Economic vs. Economical: Understanding the Difference
I actually learned the difference pretty early in life, back when I took Economics 101 in High school. These were two terms I used on a daily basis, and knew their definitions well.
The adjective Economic means of or relating to economics. Economics is a field of study that deals with the economy or the production, distribution, and consumption of products and services.
The word economic is commonly found in phrases like economic growth, economic system, and economic welfare.
Economical is a term that means not using a lot of money. You can use this word to describe products or services that give good value or a person who doesn’t waste money.Some synonyms for economical include cheap, inexpensive, prudent, and low-cost.
The word economical is commonly found in phrases like economical option, economical car, and economical meals.
Both economic and economical come from the Greek word oikonomikos, meaning of household management. The confusion around the two words is understandable, given their association with economics and money.
Is Economical an Adjective?
Economical is an adjective like economic. Adjectives modify nouns and pronouns.
The adverb form for economic and economical is economically, which means in an economical manner. Adverbs are words that modify verbs, adjectives, and fellow adverbs.
Examples of Economic in a Sentence
Below are some examples of how to use the adjective economic. Save at least one sentence to memory.
- The economic climate is very unpredictable right now.
- We need a president who deeply understands economic principles for both business owners and employees to thrive in the country.
- A family’s economic circumstances affect their household activities and separate roles.
- Experts predict an economic boom soon.
- My business partner always chooses the most economic option.
- There’s been great economic development in the downtown quarter.
Examples of Economical in a Sentence
Below are examples of the adjective economical in a sentence.
- This economical car helps me save money on gasoline.
- He could not get used to economical living. It’s either he flies business class or does not fly at all.
- Steel is economical for building houses because it’s multipurpose and lasts long
- Starting a business is not the most economical option right now because we don’t have enough financial capital. Perhaps you can look for a temporary job.
Final Word on Economic and Economical
Considering your economic status will help you make economical choices for your lifestyle.
Now you know that economic and economical have the same root word but different definitions. This post has also shown you how to use the two terms in a sentence.
Remember that the shorter word, economic, describes how money works. Meanwhile, economical means resourceful or not using a lot of money.