Economy
/ɪˈkɒn.ə.mi/noun
The system of managing resources, production, and consumption in a society.
Did you know?The word comes from Greek oikonomía, originally the art of managing a household, from oîkos “house” and némō “to manage, distribute,” a root also tied to ideas of ordering and assigning power.
Etymological Timeline
Proto-Indo-European
PIE
*h₃eykʷ-
“house, dwelling”
Ancient Greek
Greek
οἶκος (oîkos)
“house, household”
Ancient Greek
Greek
οἰκονομία (oikonomía)
“management of a household; stewardship”
Late Latin
Latin
oeconomia
“household management; arrangement”
Old French
Old French
econome / économie
“management, thrift, orderly administration”
Modern English
English
economy
“system of managing resources and production”