when we begin the study of a new subject. we study different subjects dealing with different issues. physics deals with the phyisical world. Biology studies living things. Similiarly, Economics deals with economy and economic activities. Production, consumption, exchange and distribution are important economic activities undertaken by individuals, households, firms, nations or the entire globe. When a person works, it is economic activity at an individual level. When a household spends money on purchase of various goods and services, it is expenditure at the household level. Total production and sales of a company like Tata steel relate to economic activity of a firm.
Economic ideas can be traced to the writings of ancient Greek philosophers like plato and Aristotle. The term Economics is derived from the Greek word "oikonomia" which means household management. The ancient Greeks applied this terms to the management of a city state, which they called polis.
Economics came to be accepted as a fullfledged social science with the publication of "Adamsmith's" "Wealth of Nations" in 1776. Now, Economics regarded as one of the major and fast growing disciplines in the world.
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