In the beginning the word economics was
Options
AFrench
BLatin
CGreek
DGerman
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Introduction to Business EconomicsExtraQuestion 576 of 209
All Questions Correct Answer
✅ Option c — Greek
All Options:
- AFrench
- BLatin
- CGreek
- DGerman
Detailed Solution & Explanation
• The word "economics" has its roots in ancient Greek. It comes from the Greek word "oikonomia" (οἰκονομία).
• "Oikonomia" is a compound word formed from "oikos" (οἶκος), meaning "house" or "household," and "nomos" (νόμος), meaning "management" or "law."
• Therefore, "oikonomia" literally translates to "household management" or "management of a household." This concept was central to early economic thought, focusing on how resources were managed within a family or community.
• Over time, this term evolved to encompass the broader study of how societies manage their scarce resources, leading to the modern understanding of economics.
• Option (C) Greek is correct because the etymology of the word "economics" directly traces back to ancient Greek.
• Options (A) French, (B) Latin, and (D) German are incorrect. While these languages have contributed to many English words and academic disciplines, the foundational term for economics originated in Greek, not in these languages. Latin, for instance, has influenced many scientific and legal terms, but not the core word "economics" itself.
About This Chapter: Introduction to Business Economics
Paper
Paper 4: Business Economics
Weightage
5%
Key Topics
Meaning, Scope, Price Mechanism
This chapter lays the groundwork for understanding Business Economics as a discipline. It covers the meaning, scope, and nature of economics — including key distinctions like Microeconomics vs Macroeconomics, Positive vs Normative economics, and the fundamental economic problem of scarcity. Students learn how businesses use economic principles for decision-making in a competitive marketplace.
View Official ICAI SyllabusExam Strategy Tip
Focus on definitions and distinctions between concepts. Questions often test whether you understand the difference between Micro and Macro, or Positive and Normative statements.
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