Definition of Economic activity
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Economic activity Definition from Encyclopedia Dictionaries & Glossaries
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Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek (, "management of a household, administration") from (, "house") + (, "custom" or "law"), hence "rules of the house(hold)". 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" that also avoided a narrow political-interest connotation and as similar in form to "mathematics", "ethics", and so forth.
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