1.

Explain the meaning and derivation of the term ‘Arthshashtra’ and ‘Economics’.

Answer»

Arthshashtra:

  • In ancient India, Economics was termed as ‘Arthshashtra’. It is a Sanskrit word.
  • The word ‘arth’ means ‘purpose’ or ‘goal’ and so ‘arthshashtra’ in Sanskrit means, ‘The science of benefits or purpose in practical life’.
  • The definition of arthshashtra says that that the purpose of human behaviour is to seek benefits.

Economics:

  • The English word ‘Economics’ is derived from the Greek word ‘Oikonomos’.
  • ‘Oikos’ means households and ‘nomos’ means management. Thus, the-word ‘economics’ means ‘management of households’.


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