Home › CA Foundation › Business Economics › Basic Economic Entities › The term 'Economics' is derived from the Greek w…
The term 'Economics' is derived from the Greek word 'Oikonomia', which originally means:
AMarketplace
BHousehold
CWealth
DGovernment
Answer & Solution
Correct answer: B. Household
1. The word 'Economics' traces back to the Greek 'Oikonomia'.
2. 'Oikonomia' translates to 'household'.
3. Wealth, marketplace, and government are unrelated to its literal root.
_Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 1 Unit I "Nature and Scope of Business Economics", p.1_
Related questions
According to the OCR, the firms are described as:The technique of predicting future demand for goods and services on the basis of the past Which of the following is an external or environmental issue addressed through MacroeconomIn the scope of Business Economics, internal or operational issues of a firm are addressedDecision making, as explained in the unit, is best described as the process of selecting aBusiness Economics is said to be a 'Science' chiefly because it:The statement that Business Economics combines both positive and normative theory, with thBusiness Economics is described as being generally normative in nature primarily because i