Economics is the social science that studies the production, distribution and consumption of goods and services. The term Economics comes from the Ancient Greek (Oikonoia, “merged of a household, administration”) (Oikos, “house”) + (nomas, (“custom or law”), hence “rules of the house (hold).Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business, finance and government, but also in crime, education, the family health, law politics, religion, social institution, war and science.
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