It Started as Household Management
The word economics comes from Ancient Greek *oikonomia* — the know-how of running a household. What began as managing a home later expanded into thinking about how to manage a state.Economics: What the Field Really Studies
Then It Outgrew Wealth
Early definitions focused on wealth, production, and consumption. Later, Lionel Robbins pushed a bigger idea: economics studies how people pursue goals with limited resources that can be used in different ways.Economics: What the Field Really Studies
