c.1530, "household management," from L.
oeconomia, from Gk.
oikonomia "household management," from
oikonomos "manager, steward," from
oikos "house" (cognate with L.
vicus "district,"
vicinus "near;" O.E.
wic "dwelling, village;" see
villa) +
nomos "managing," from
nemein "manage" (see
numismatics). The sense of "manage the resources of a country" (short for
political economy) is from 1651. Hence,
economic (1835) means "related to the science of economics," while
economical (1780) retains the sense "characterized by thrift."
Economist is 1586 in the sense of "household manager," 1804 meaning "student of political economy."
Economy (adj.) as a term in advertising at first meant simply "cheaper" (1821), then "bigger and thus cheaper per unit or amount" (1950).