What does economy mean in greek

what does economy mean in greek

Economy of ancient Greece

Economy is the Greek word " oikonomia ", which primarily signifies the household management, the household administration, arrangement and distribution, or dispensation. The word "economy" is used with the intention of stressing the focal point of God's divine enterprise, which is to distribute, or dispense, Himself into datmetopen.com by: 1. Jan 24,  · The English term 'Economics' is derived from the Greek word 'Oikonomia'. Its meaning is 'household management'. Economics was first read in ancient Greece. Aristotle, the Greek Philosopher termed Economics as a science of 'household management'.

Although the economy of Greece had improved in recent decades due to industrial development and tourismthe country is getting out of a large and severe economic crisis. The currency of money in Greece since January is the euro, which replaced the drachma. The preparation for the Olympic Games of gave an impulse to the Greek economy.

The Economy of Greece is the 15th largest economy in the member European Union and the 34th largest country geek the world by nominal gross domestic product The most important economic industries in Greece are tourism and merchant shipping.

In fact, about 20 million international tourists visit Greece every year, which makes it the 7th most visited country in the EU and the 16th in the world. In JanuaryEuro became the official currency of the how to use 2 hard drives, replacing drachma at an exchange rate of Greece is also a member of dors International Monetary Fund, the World Trade Organization, the Organization for the Economic Co-operation and Development and many other world financial organizations.

In exchange for this large bailout, the government announced combined spending cuts and tax increases on top of the tough austerity measures already taken. Greece was in the most severe crisis since the restoration of democracy in The financial assistance by the EU and the IMF had no impressive results and the austerity packages had been met with what should i study to be an entrepreneur by the public, leading to riots, social unrest, and strikes.

Despite the many austerity measures, the government deficit did not reduce accordingly, leading to the largest recession. Contact us Contact us. Sign In. About Greece. Greece in photos. Best beaches in Greece. Where to ni in Greece? What to do in Greece? Book ferry tickets to the islands. Our community. Destinations by popularity. Read articles in our blog. Book your holiday with Greeka. Island hopping proposals. Sports to practice.

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The economy of Greece is the 51st largest in the world with a nominal gross domestic product (GDP) of $ billion per annum. In terms of purchasing power parity, Greece is the world's 53rd largest economy, at $ billion per annum. As of , Greece is the sixteenth-largest economy in the member European Union. According to IMF figures for , Greece's GDP per capita was Country group: Developed/Advanced, High-income . The economy of ancient Greece was defined largely by the region's dependence on imported goods. As a result of the poor quality of Greece 's soil, agricultural trade was of particular importance. The Economy of Greece is the 15th largest economy in the member European Union and the 34th largest country in the world by nominal gross domestic product (). A developed country, Greece economy is based on the service sector (85%) and industry (12%), while the agricultural sector consists only 3% of the national economic output.

The economy of ancient Greece was defined largely by the region's dependence on imported goods. As a result of the poor quality of Greece 's soil , agricultural trade was of particular importance. The impact of limited crop production was somewhat offset by Greece's paramount location, as its position in the Mediterranean gave its provinces control over some of Egypt's most crucial seaports and trade routes.

Beginning in the 6th century BC, trade craftsmanship and commerce , principally maritime , became pivotal aspects of Greek economic output. The olive tree and grapevine, as well as orchards, were complemented by the cultivation of herbs , vegetables , and oil-producing plants.

Husbandry was badly developed due to a lack of available land. Sheep and goats were the most common types of livestock, while bees were kept to produce honey , the only source of sugar known to the ancient Greeks. Agricultural work followed the rhythm of the seasons: harvesting olives and trimming grapevines at the beginning of autumn and the end of winter ; setting aside fallow land in the spring; harvesting cereals in the summer ; cutting wood, sowing seeds, and harvesting grapes in autumn.

In the ancient era, most lands were held by the aristocracy. During the 7th century BC, demographic expansion and the distribution of successions created tensions between these landowners and the peasants. In Athens , this was changed by Solon 's reforms, which eliminated debt bondage and protected the peasantry. Nonetheless, a Greek aristocrat's domains remained small compared with the Roman latifundia.

Much of the craftsmanship of ancient Greece was part southern west of the domestic sphere. However, the situation gradually changed between the 8th and 4th centuries BC, with the increased commercialization of the Greek economy. Thus, weaving and baking , activities so important to the Western late medieval economy, were done only by women before the 6th century BC. After the growth of commerce, slaves started to be used widely in workshops. Only fine dyed tissues, like those made with Tyrian purple , were created in workshops.

On the other hand, working with metal , leather , wood , or clay was a specialized activity that was looked down upon by most Greeks. The basic workshop was often family-operated. Lysias 's shield manufacture employed slaves; Demosthenes ' father, a maker of swords , used After the death of Pericles in BC, a new class emerged: that of the wealthy owners and managers of workshops. Examples include Cleon and Anytus , noted tannery owners, and Kleophon , whose factory produced lyres.

Non-slave workers were paid by assignment since the workshops could not guarantee regular work. In Athens, those who worked on state projects were paid one drachma per day, no matter what craft they practised.

The workday generally began at sunrise and ended in the afternoon. The potter's work consisted of selecting the clay, fashioning the vase, drying and painting and baking it, and then applying varnish. Part of the production went to domestic usage dishes, containers, oil lamps or for commercial purposes, and the rest served religious or artistic functions.

Techniques for working with clay have been known since the Bronze Age ; the potter's wheel is a very ancient invention. The ancient Greeks did not add any innovations to these processes [ citation needed ]. The creation of artistically decorated vases in Greece had strong foreign influences. For instance, the famed black-figure style of Corinthian potters was most likely derived from the Syrian style of metalworking.

The heights to which the Greeks brought the art of ceramics is, therefore, due entirely to their artistic sensibilities and not to technical ingenuity. Pottery in ancient Greece was most often the work of slaves. Many of the potters of Athens assembled between the agora and the Dipylon, in the Kerameikon. They most often operated as small workshops, consisting of a master, several paid artisans, and slaves!.

Greece's main exports were olive oil, wine , pottery , and metalwork. The state collected a duty on their cargo. These duties were never protectionist , but were merely intended to raise money for the public treasury. The growth of trade in Greece led to the development of financial techniques. Most merchants, lacking sufficient cash assets , resorted to borrowing to finance all or part of their expeditions. The terms of the contract were always laid out in writing, differing from loans between friends eranoi.

The lender bore all the risks of the journey, in exchange for which the borrower committed his cargo and his entire fleet, which were precautionarily seized upon their arrival at the port of Piraeus. Trade in ancient Greece was free: the state controlled only the supply of grain. In Athens, following the first meeting of the new Prytaneis , trade regulations were reviewed, with a specialized committee overseeing the trade in wheat, flour, and bread.

One of the main drivers of trade in Ancient Greece was colonization. As larger city states set up colonies, there would be trade between the founding city and its colony. For example, colonies in Sicily would often have better weather and be able to export grain to more populous cities. The number of shipwrecks found in the Mediterranean Sea provides valuable evidence of the development of trade in the ancient world. However, archaeologists have found forty-six shipwrecks dated from the 4th century BC, which would appear to indicate that there occurred a very large increase in the volume of trade between these centuries.

Considering that the average ship tonnage also increased in the same period, the total volume of trade increased probably by a factor of Grouped into guilds , they sold fish, olive oil, and vegetables. Women sold perfume or ribbons. Merchants were required to pay a fee for their space in the marketplace.

They were viewed poorly by the general population, and Aristotle labelled their activities as: "a kind of exchange which is justly censured, for it is unnatural, and a mode by which men gain from one another. Parallel to the "professional" merchants were those who sold the surplus of their household products such as vegetables, olive oil, or bread. This was the case for many of the small-scale farmers of Attica.

Among townsfolk, this task often fell to the women. For instance, Euripides ' mother sold chervil from her garden cf. Aristophanes , The Acharnians , v. Direct taxation was not well-developed in ancient Greece.

Large fortunes were also subject to liturgies which was the support of public works. Liturgies could consist of, for instance, the maintenance of a trireme , a chorus during a theatre festival, or a gymnasium.

In some cases, the prestige of the undertaking could attract volunteers analogous in modern terminology to endowment, sponsorship, or donation. Such was the case for the choragus , who organized and financed choruses for a drama festival. In other instances, like the burden of outfitting and commanding a trireme, the liturgy functioned more like a mandatory donation what we would today call a one-time tax.

In some cities, like Miletus and Teos , heavy taxation was imposed on citizens. The eisphora was a progressive tax, as it was applied to only the wealthiest.

The citizens had the ability to reject the taxation, if they believed there was someone else who was wealthier not being taxed. The wealthier would have to pay the liturgy. On the other hand, indirect taxes were quite important. Taxes were levied on houses, slaves, herds and flocks, wines, and hay, among other things. However, this was not true of all cities.

Thasos ' gold mines and Athens' taxes on business allowed them to eliminate these indirect taxes. Dependent groups such as the Penestae of Thessaly and the Helots of Sparta were taxed by the city-states to which they were subject.

Coinage probably began in Lydia around the cities of Asia Minor under its control. The technique of minting coins arrived in mainland Greece around BC, beginning with coastal trading cities like Aegina and Athens.

Their use spread and the city-states quickly secured a monopoly on their creation. The very first coins were made from electrum an alloy of gold and silver , followed by pure silver, the most commonly found valuable metal in the region.

The mines of the Pangaeon hills allowed the cities of Thrace and Macedon to mint a large number of coins. Laurium's silver mines provided the raw materials for the "Athenian owls", the most famous coins of the ancient Greek world.

Less-valuable bronze coins appeared at the end of the 5th century. Coins played several roles in the Greek world. They provided a medium of exchange , mostly used by city-states to hire mercenaries and compensate citizens. They were also a source of revenue as foreigners had to change their money into the local currency at an exchange rate favourable to the State. They served as a mobile form of metal resources, which explains discoveries of Athenian coins with high levels of silver at great distances from their home city.

Finally, the minting of coins lent an air of undeniable prestige to any Greek city or city-state. The shopping centres in Ancient Greece were called agoras. The literal meaning of the word is "gathering place" or "assembly".

The agora was the centre of the athletic, artistic, spiritual and political life of the city. The Ancient Agora of Athens was the best-known example.

Early in Greek history 18th century—8th century BC , free-born citizens would gather in the agora for military duty or to hear statements of the ruling king or council. Every city had its agora where merchants could sell their products. Prices were rarely fixed, so bargaining was a common practice.

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