Economics: A Brief Introduction of Economic Systems and Sectors in Economy Adam Smith is known as the father of Economics. Definition of economics: The term economics comes from the Greek term ‘Oikonomia’ which is composed of Oikos (house) and nomos (custom or law) meaning the rules of the household. Economics studies the ‘economic activities’ of human beings. Economics is a social science that studies economic activities to gain an understanding of the processes that govern the production, distribution, and consumption of goods and services in an economy. However, it has…
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