* "Oikos" means "house" or "household".
* "Nomos" means "custom" or "law".
Together, "oikos nomos" literally translates to "household management" or "rules of the household".
This reflects the early roots of economics, which focused on the study of how individuals and families manage their resources and make decisions about consumption and production.
Over time, the scope of economics expanded to encompass the study of broader economic systems, including markets, businesses, and governments. However, the original meaning of the word still holds relevance in the study of individual behavior and resource allocation within a household.