The word economy comes from the Greek word for “one who manages a
household”. Economics is a branch of the social sciences.
Economics is an important discipline, and its importance has increased in recent
years in response to worldwide economic problems – particularly the global
economic recession that started in December 2007. Even countries that have
made rapid progress in areas like medicine, engineering, technology, electronics,
and information technology are not free from economic problems. Problems like
poverty, unemployment, inflation, recession, population explosion and so on are
worldwide today. In order to understand such problems and to find solutions to
them, an adequate knowledge of economics is required.