The word economics owes its origin with the Greek word oikonomia which means
Options
ACommodity
BPrice
CHousehold
DConsumer expectations
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Introduction to Business EconomicsPYQ Dec 23Question 647 of 209
All Questions Correct Answer
✅ Option c — Household
All Options:
- ACommodity
- BPrice
- CHousehold
- DConsumer expectations
Detailed Solution & Explanation
• The word "economics" has a rich historical origin, tracing back to ancient Greece.
• It is derived from the Greek word "oikonomia."
• "Oikonomia" is a compound word formed from "oikos," meaning "house" or "household," and "nomos," meaning "management" or "law."
• Therefore, "oikonomia" literally translates to "household management." This concept originally referred to the management of a household's resources and affairs.
• Over time, this idea expanded to encompass the management of resources at a broader societal level, leading to the modern understanding of economics as the study of how societies manage their scarce resources.
• Option (C) Household is correct because it directly reflects the etymological root of "oikonomia."
• Option (A) Commodity is incorrect because while commodities are a subject of economic study, the word "oikonomia" itself does not mean commodity.
• Option (B) Price is incorrect as price is a mechanism within an economic system, not the fundamental meaning of the originating Greek term.
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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