Question

Why has the meaning of the word economics changed across space and time?

Answer 1

Yes, the meaning of economics changed across space and time because nothing is permanent. Many years ago all the countries are just trying to fulfill the basic needs of the people (trying to solve basic economic problems) but nowadays the problem is changed now the problem is that how to use scarce resources sustainably. In the past year's countries are dependent on agriculture and always try to solve the economic issues related to farming, now days all nations are trying to established industries and factories, just trying to solve the current economic problem and issues related to manufacturing, finance, etc.
Time is also very dynamic, it always changes. That's why the meaning of economics also changes according to time and space. The change happens because the economy is nothing but the study of economic problems and issues, as we know that problems also change from time to time, or after solving a problem a new problem comes into the economy. A dynamic environment is one of the main reasons for the change in the meaning of economics from time to time.