If you wnat to make Pythocles rich, do not add to his store of Money,
Rather subtract from his desires
Economics:
Economics is about study of scarcity and choice
Man’s wants are unlimited, but resources are limited ;
Economics is then a means of reconciling unlimited wants with limited resources;
Economy comes from Greek : ‘Eco’ Home and Nomis - accounts
The word - economy in general, is a feel-good term;
For example, in the sport of cricket: They say the bowler was economical ;
She was economical, which means, she used the optimum resources to produce the output;
Economy signifies efficiency and productivity;
Exonmomy also signifies Frugality and Thrifty!
Overall we can say that:
Economics means to fulfill with the least amount of resources through optimal choices!