Unit 1 Flashcards
(16 cards)
Economics came from the greek words:
oikonomia and oikonomicus
Oikos means
Household
Nomos means
System or Management
Polis are known as
city-states
It is a system of how they managed their provisions
polis
_ _ is a common practice as management of household
state management
Due to its significance in every distinct field of study, economics then encompassed the other scholarly fields of _ , _ , and _ _
religion, philosophy, and political science
What is the etymological origin of the term ‘economics’?
The Greek term oikonomia, which comes from Oikos meaning household and nomus meaning system, management.
What does the Greek term ‘oikonomia’ refer to?
Management of household.
How did Greek society evolve in terms of economics?
From a group of persons into city-states known as polis, with systems for managing provisions.
What is a common practice related to state management in ancient Greece?
Management of household.
What scholarly fields does economics encompass?
Religion, philosophy, and political science.
How is economics defined in modern terms?
A science that deals with the management of scarce resources.
What does economics study in relation to society?
How individuals in society make choices.
What is the problem that economics addresses regarding resources?
Using available economic resources as efficiently as possible to fulfill society’s unlimited demand.
Complete the definition: Economics is simply _______.
scarcity and choice.
