Please enable JavaScript.
Coggle requires JavaScript to display documents.
Economic thought in the Ancient Time - Coggle Diagram
Economic thought in
the Ancient Time
Meaning of economics
The word "economics" is derived from oikonomikos,which means skilled in household management.
Although the word is very old, the discipline of economics as we understand it today is a relatively recent development. Modern economic thought world began its transformation from an agrarian to an industrial society.
Hebrews (2500 b.c.)
1.Interest
3.Labour and Wages
2.Just Price
Agriculture
Seventh
7 Jubilee
Money
7.Sabbath
Property
Trade
Taxes
Hesiod (8th cent B.C.)
The 1st economist lived in the small agricultural community
of Ascra-Boetia.
Time, labor, and production goods must be efficiently
allocated.
He analyzes the importance of labor and capital that puts
an end to man’s state of leisure.
Xenofon
Additionally, Xenophon explained the influence of supply and demand on value. He observed that an increase in the supply of commodity causes a fall in prices.
He proposed a tendency toward equilibrium in the
economy where supply and demand shift and react accordingly.
He discussed the fact that when there are too manycoppersmiths, copper becomes cheap and the smithsgo out of business and turn to other activities.