DEFINITIONS OF ECONOMICS
The word economics has been derived from the Greek word “ OIKONOMICAS ” with “ OIKOS ” meaning a household and “ NOMOS ” meaning management . It is understood that the beginning was made by the Greek Philosopher, Aristotle who in his book “ Economica ” focused that the field of economics deals with household management. The concepts on which various definitions of economics given are 1) Wealth 2) Welfare 3) Scarcity 4) Growth