Some Basic Definitions

economics: the science that studies economies and economic systems; the word "economics" is derived from the Greek oikonomia < oikos = home, and nemein = to manage < nomos = law or rule; it therefore means, etymologically, something like "household management" which can be understood roughly as the set of guidelines or rules that should be observed in the successful management of the "home" (compare this to the word "ecology" and notice the various ways in which the "home" can be defined)

economy: a system or mode of production, distribution and consumption; a way of making a living

a good economy: a stable and sustainable system of production, distribution, and consumption capable of supporting the life and satisfying the material needs of, as well as providing comforts and pleasures, happiness and well-being to its participants.

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last updated: 1/20/2004