'economy' originates from the Greek word 'oikonomia,' where 'oikos' meant 'house' and 'nomos' meant 'law or management.'

'oikonomia' transformed into the Latin word 'oeconomia,' and eventually became the modern English word 'economy' through Middle English.

Initially, it meant 'household management,' but over time it evolved into its current meaning of 'system of production and consumption.'