ORIGIN OF THE WORD "ECONOMICS"

The term economics comes from the Ancient Greek from (oikos, "house")
and (nomos, "custom" or "law"), hence "rules of the house (hold for good
management)" 'Political economy' was the earlier name for the subject, but economists in the late
19th century suggested "economics" as a shorter term for "economic science" to establish itself as a
separate discipline outside of political science and other social sciences. [2]
DEFINITIONS OF ECONOMICS:
-Economics is a science, which is concerned with those aspects of social behaviors and institutions that
are involved in using the scarce resources to produce and distribute goods and services to satisfy human
wants.
-The study of the problem of using available factors of production as efficiently as possible so as to attain
the maximum fulfillment of society's unlimited demands for goods & services.
-The science that studies how scarce resources are allocated to meet competing and unlimited wants and
how human beings satisfy their material wants and needs.
-The theory of economics does not furnish a body of settled conclusions immediately applicable to policy.
It is method rather than a doctrine, an apparatus of the mind, a technique for thinking, which helps its
possessor draw correct conclusions.

What is the relationship between Sociology and

Economics?
Sociology and Economics as social sciences have close relations. Relationship between the two is so
close that one is often treated as the branch of the other, because society is greatly influenced by
economic factors, and economic processes are largely determined by the environment of the society.
Economics deals with the economic activities of man. It deals with production, consumption and
distribution of wealth. The economic factors play a vital role in the very aspect of our social life. Total
development of individual depends very much on economic factors. Without economic conditions,
the study of society is quite impossible. All the social problems are directly connected with the
economic conditions of the people. That is why Marshall defines Economics as "on one side the study
of wealth and on the other and more important side a part of the study of man."
In the same way Economics is influenced by Sociology. Without the social background the study of
Economics is quite impossible. Sociologists have contributed to the study of different aspects of
economic organisation. Property system, division of labour, occupations etc. are provided by a
sociologist to an economist.

What is the relationship between History and

Economics?
Economics is the social science that seeks to describe the factors which determine
the production, distribution and consumption of goods and services. While History is
the study of the past, particularly how it relates to humans. It is an umbrella
term that relates to past events as well as the memory, discovery, collection,
organization, presentation, and interpretation of information about these events.
Scholars who write about history are called historians. Events occurring prior to
written record are considered prehistory.
History can also refer to the academic discipline which uses a narrative to examine
and analyses a sequence of past events, and objectively determine the patterns of
cause and effect that determine them. Thus we can conclude that history and
economics relate to each other because they both study the same production
relates to human.

What is the relationship between Ethics and

Economics?
Ethics is: a system of moral principles; a system of rules for regulating the actions
and manners of people in society.
Economics is: The social science that deals with the production, distribution, and
consumption of goods and services and with the theory and management of
economies or economic systems.
So, if you have good ethics, you'll have good economics.

What is the relationship between Political Science

and Economics?
Political science and economics are social sciences. Political science is the study of
politics in theory and practice, while economics is the study of how resources are
produced, allocated, and distributed. As well as dealing with subjects that often
relate to one another in everyday life, the two are commonly seen as sister subjects
in academic terms.
A variety of topics related to politics are addressed by political science. This
includes differing political philosophies about how society should operate. It also
includes the way political systems work to produce laws and government.

What is the relationship between Earth Science

and Economics?
The relationship of economics to natural science is that natural sciences provide
humans and computers data which relates to different areas such as food sources.
Economics is not considered a natural science. Because economics deals with the
activities of man.

What is the relationship between Physics and

Economics?
There is no direct relationship between physics and economics.
Physics attempts to describe in mathematical terms how matter and energy
interact.
Economics tries to understand the human systems of work, pay, investment, and
value assessment. Physics is the science of modeling the universe around us, and
then examining and manipulating those models so that we better understand how
the universe works. For example, physics has a conceptual and mathematical model
for gravity that lets us predict at what velocity a body must travel to remain in orbit
around the earth at a given altitude in space. The model also tells us what will
happen to the orbital parameters should the orbiting body speed up or slow down
and thus lets us accurately answer "what if" questions about the real universe using
only our model.

What is the relationship between Chemistry and

Economics?
Economics is study of nature, composition, properties, laws and classification of
wealth. Chemistry is study of nature, composition, properties, laws and classification
of matter. In simple words economics is chemistry of wealth. Both are mirror images
of each other. Every principle or law in chemistry holds good for economics too. For
example: Law of demand and supply, Quantity Theory, Law of Diminishing Marginal
returns/utility of economics are other way of putting chemistry's Law of Mass Action.

What is the relationship between Biology and

Economics?
What is the relationship between Mathematics
and Economics?