What is economics?

Ksenia Gaynulina
Ksenia Gaynulina
September 18, 2014
What is economics?

The economy comes from the ancient Greek word οἶκος - house, household. In the literal sense, it meant the rules of housekeeping. The first to use this word was Xenophon as early as the 4th century. BC er

In modern philosophy, economics is a system of social relations that is reviewed and evaluated using value. In general, the concept of economics appears when a relationship of a certain nature begins between people. If it is not clear what is the meaning of economics, then you can learn this from the article What is studying economics.

What is economics

To understand what economics is, let's define it.

  • The economy is a way of organizing the activities of people, which is aimed at creating the most important benefits. Synonym in this case - "economy.
  • Economics is a science aimed at exploring the resources that people use to meet their needs. This is a young science that belongs to the category of social social sciences. The state of the economy is usually estimated using GDP, which you can read about in the article What is GDP.
  • The economy of the enterprise is aimed at the study of economic laws and their laws.

The concept of an economy is closely related to the concept of a market economy. You can learn information about the market economy from the article What is a market economy.

Economics is a complex concept that is viewed from different angles. This science has been studied for years and there is a conclusion that we are all part of the economic system.

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