Name: Ram Lloyd B.

Suello BSED SOST 2C DAY

Activity #2: History of Economics

Instruction: Fill out the matrix

People/Civilization/Period Economic Ideas/ Practices

1. Prehistoric Primitive peoples were resourceful.

They invented ways and means of
gathering and hunting for food. This art
of making a living among the ancient
tribes was a form of economy.

2. Biblical times Economic ideas and activities were

influenced by biblical teachings and the
wisdom of the great prophets.

3. Babylonian The Babylonian Code of Hammurabi

contains detailed regulations for
economic practices. Justice, charity,
and honesty were the rules of business
dealings.
Usury was prohibited. The prophets
were despised.
The Babylonians were clear about
interest and mortgages.

4. Phoenicians The Phoenicians had a good

knowledge of trade and money.

5. Hindus and Hebrews The Hebrews and Hindus emphasized

the virtues of industry, moderation, and
thrift.

6. Ancient Greece The word economics is derived from an

ancient Greek job oikonomos, which
means cleaning.
 The term oikonomos was more related
to the correct administration of city-
states.
Ancient Greek’s house was kept in
order; that household members have
fulfilled the necessary duties and
responsibilities; and that their products
are distributed as needed or
customized

The Greek philosopher recommended

7. Plato the division of labor to improve
production.

8. Aristotle The Greek Philosopher explained the

functions of money in the community.

They believed that agriculture turned

into the handiest honorable industry.
9. Roman Republic The Roman boys have been taught to
be true squaddies and farmers through
their fathers.

In the Middle Ages, under Thomas

Aquinas, the church campaigned for
10. Middle ages distributive justice (distribution of
goods) and equalization justice (fair
exchange of goods and services).

Adam Smith's Wealth of Nations was

published in 1776.
This book became the bible of
11. Adam Smith economics for more than a century.
Due to Smith's economic contributions
to science, he is known as the "father
of economics."