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The Industrial Revolution transformed economies that had been based on agriculture and handicrafts into economies based on large-scale industry, mechanized manufacturing, and the factory system. New machines, new power sources, and new ways of organizing work made existing industries more productive and efficient.

(Entry 1 of 2) 1 : the structure or conditions of economic life in a country, area, or period also : an economic system. 2a : thrifty and efficient use of material resources : frugality in expenditures also : an instance or a means of economizing : saving.

Lesson. The English term ‘Economics’ is derived from the Greek word ‘Oikonomia’. Its meaning is ‘household management’. Economics was first read in ancient Greece.

The word economy is Greek and means “household management.” Economics as an area of study was touched on by philosophers in ancient Greece, notably Aristotle, but the modern study of economics began in 18th century Europe, particularly in Scotland and France.

Economy Synonyms – WordHippo Thesaurus….What is another word for economy?

Economic history is the academic study of economies or economic events of the past. Sub-disciplines of the field include financial and business history, which overlaps with areas of social history such as demographic and labor history.

Economic factors in history include means of production, forms of currency, and types of economic systems such as Marxism and Capitalism….Some characteristics of capitalism include:

• clearly defined private property rights,
• enforceable contracts,
• markets that set prices, and.
• institutions favorable to the above elements.

Why study Economic History? Economic historians’ ability to frame questions about complex economic, social and political issues and investigate patterns and outcomes of events in the past means they are often well placed to answer similar questions about current global economic developments and crises.

Economics affects our daily lives in both obvious and subtle ways. From an individual perspective, economics frames many choices we have to make about work, leisure, consumption and how much to save. Our lives are also influenced by macro-economic trends, such as inflation, interest rates and economic growth.

By increasing the amount of money in the economy, the central bank encourages private consumption. Increasing the money supply also decreases the interest rate, which encourages lending and investment. The increase in consumption and investment leads to a higher aggregate demand.

If there is too much money in the economy, however, people spend more money and demand increases at a faster rate than supply can match. Prices rise too quickly because of the shortage of products, and inflation results. The lags in the effects that monetary policy has on the economy are significant.

Money performs many functions in a modern economy. Thus, money is a medium of exchange, a measure of value, a store of value, and a standard of deferred payments. Medium of exchange: The most important function of money is that it acts as a medium of exchange. Money is accepted freely in exchange for all other goods.

Money is not everything, but money is something very important. Beyond the basic needs, money helps us achieve our life’s goals and supports — the things we care about most deeply — family, education, health care, charity, adventure and fun.

The fact, that right everyone would be assumption money is everything, but it cannot smell, because it doesn’t has a scent. Commonly it just to seen. This phrase is hyperbole and the writer categorizes it into comparison of exaggeration.