CA Foundation Exam > CA Foundation Questions > The term ‘Economics’ owes its ori...
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The term ‘Economics’ owes its origin to the Greek word.
- a)Aikonomia
- b)Wikonornia
- c)Oikonomia
- d)None of the above
Correct answer is option 'C'. Can you explain this answer?
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The term ‘Economics’ owes its origin to the Greek word.a)A...
The correct answer is option C 'Oikonomia'
- The term Economics is derived from the Greek word Oikonomia, which means household management or management of the household.
- It combines oikos (house) and nomos (law or management).
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The term ‘Economics’ owes its origin to the Greek word.a)A...
Origin of the Term 'Economics'
The term 'Economics' has its roots in ancient Greek, specifically from the word "Oikonomia."
Meaning of Oikonomia
- The Greek word "Oikonomia" translates to "household management" or "management of a household."
- It is derived from two components: "oikos," meaning house or household, and "nomos," meaning law or management.
Evolution of the Term
- Initially, "Oikonomia" referred to the management of resources within a household.
- Over time, the scope expanded to encompass broader principles of resource allocation, production, and consumption within societies.
Modern Interpretation
- Today, economics is viewed as the study of how individuals, businesses, and governments allocate scarce resources to meet their needs and wants.
- It includes various branches such as microeconomics, macroeconomics, international economics, and more.
Importance of Understanding its Origin
- Grasping the origin of the term helps in understanding the fundamental principles of economics.
- It emphasizes the significance of resource management, whether at an individual or societal level.
In conclusion, the correct answer is option 'C' because 'Oikonomia' is the foundational term that gave rise to the modern discipline of economics, highlighting the importance of managing resources effectively.
The term 'Economics' has its roots in ancient Greek, specifically from the word "Oikonomia."
Meaning of Oikonomia
- The Greek word "Oikonomia" translates to "household management" or "management of a household."
- It is derived from two components: "oikos," meaning house or household, and "nomos," meaning law or management.
Evolution of the Term
- Initially, "Oikonomia" referred to the management of resources within a household.
- Over time, the scope expanded to encompass broader principles of resource allocation, production, and consumption within societies.
Modern Interpretation
- Today, economics is viewed as the study of how individuals, businesses, and governments allocate scarce resources to meet their needs and wants.
- It includes various branches such as microeconomics, macroeconomics, international economics, and more.
Importance of Understanding its Origin
- Grasping the origin of the term helps in understanding the fundamental principles of economics.
- It emphasizes the significance of resource management, whether at an individual or societal level.
In conclusion, the correct answer is option 'C' because 'Oikonomia' is the foundational term that gave rise to the modern discipline of economics, highlighting the importance of managing resources effectively.
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The term ‘Economics’ owes its origin to the Greek word.a)Aikonomiab)Wikonorniac)Oikonomiad)None of the aboveCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about The term ‘Economics’ owes its origin to the Greek word.a)Aikonomiab)Wikonorniac)Oikonomiad)None of the aboveCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The term ‘Economics’ owes its origin to the Greek word.a)Aikonomiab)Wikonorniac)Oikonomiad)None of the aboveCorrect answer is option 'C'. Can you explain this answer?.
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