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Questions and Answers
What is the literal translation of the Greek word 'oikonomikos'?
What is the literal translation of the Greek word 'oikonomikos'?
- The study of money
- The task of managing a household (correct)
- The art of trade
- Public finance management
What term did French mercantilists use to describe matters related to public administration?
What term did French mercantilists use to describe matters related to public administration?
- Economic policy
- Public finance management
- Household administration
- Economie politique (correct)
What is the root word of the term 'economics'?
What is the root word of the term 'economics'?
- Economia
- Oikonomikos (correct)
- Politikos
- Oikos
What does the term 'oikonomia' literally translate to?
What does the term 'oikonomia' literally translate to?
In the context of economics, what is the origin of the term 'economie politique'?
In the context of economics, what is the origin of the term 'economie politique'?
What is the primary focus of economics?
What is the primary focus of economics?
What is an economic activity?
What is an economic activity?
Which of the following is an example of an economic activity?
Which of the following is an example of an economic activity?
What is the scope of economics?
What is the scope of economics?
What is the main concern of economics in relation to human activities?
What is the main concern of economics in relation to human activities?
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Study Notes
Origins of Economics
- The term "economics" comes from the ancient Greek word "oikonomikos" or "oikonomia", which translates to "the task of managing a household".
- The French mercantilists used the term "economie politique" or "political economy" to refer to matters related to public administration.
Definition of Economics
- Economics is a social science that studies economic activities of individuals.
- Economic activities involve earning and spending money.
- Any activity related to earning or spending money is considered an economic activity.
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