Economic

The world 'economic 'or originated from greek word 'oeconomicus'.The meaning of the word is the science of household management.According to greek philosopher xenophon economics;is the science of household ,management .Likewise,the greek philosopher aristotledas divided economics into two parts.One is 'economy proper economicus and the other is the science of supply or 'chrematistic'. Ancient oriental economist kautilya as well has taken economics as thescience of nation management or the ruling of a nation. science of nation management orruling of a nation.
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Medieual economists have taken economics as the science of wealth.After that Mercantilism took over the economics sector.Mercantilists took wealth and foreign trade as the base of economics.During that period nations of the world were after the wealth;they all had one motive that is collection of wealth.They all had the same slogan more wealth ,more power'.Around the mid eighteen century group of economicsts approached economics with different and n.micts ew thought.s

In this way ' According to J.R.hicks,"An economy or economic system may be defined as the co -operation of producer and worker to make goods and service to satisfy the wants of consumers.