Briefly explain economy.
The term economy is an English cognate of the Greek “oikonomia”, a compound of “oikos” (household) and “nomos” (custom). It originally referred to the study of household management. In England, and feudal states in general in the middle ages, all land was technically owned by the king and part of his household, and managed by his vassals, and thus oikonomia or oeconomics (later “economics”) was used to describe management of national wealth. By the 18th century, as the wealth of nations became legally distinct from the kings “privy purse”, the term “political economy” arose to describe the management of the “polis” or state, and the general term “economics” to cover the science concerning exchanges of goods and labour.