Origin of the word Economics 1st year POE - Principles of Economics Notes

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Origin of the word Economics

According to economists, the word ‘economics’ has been derived from the word ‘Political Economy’ which consist of three Latin words:
Polis which means state.
Plika which means domestic or related home.
Nama which means principles.
i.e. it means those principles which are adopted in a home to bring a balance between income and expenditure that can be applied to a state for the sake of balance. Most economist vise of the vices state that the Economics has been derived from the Greek word “OIKONOMOS”.