Right, here with a post to assist myself with getting a clear perspective on the economy and more specifically the definition of the word "economy".

The word economics is derived from the Greek words oikos, meaning house and nemein,meaning manage. Economics is thus the science of household management and as such is indeed concerned with the ordinary business of life.

Some definitions of economics as per UNISA text book:

George Lelan Bach - Economics is the study of how our scarce productive resources are used to satisfy human wants.

Karl Case and Ray Fair - Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have produced.

Richard Eckhaus - Economics is the study of how scarce resources are allocated among various uses.

Jack Harvey - Economics is the study of how individuals and groups of individuals respond to and deal with scarcity.

Richard Lipsey - Economics is the study of the use of scarce resources to satisfy human wants.

N Gregory Mankiw - Economics is the study of how society manages its scarce resources.

Campbell McConnell -  Economics is concerned with the efficient use or management of limited productive resources to achieve maximum satisfaction of human material wants.

Michael Parkin - Economics is the study of how people use their limited resources to try to satisfy unlimited wants.

Paul Samuelson - Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.

Joseph Stiglitz - Economics is the study of how individuals,firms,governments and other organizations within our society make choices and how those choices determine how the resources of society are used.

Step 1 - My Previous understanding of the word economics:

To me ecnomincs meant/represented money/wealth/riches and intelligence.
The study of economics to me represented the study of words/concepts to increase a persons personal wealth or income.

Step 2 - Self forgiveness

I forgive myself for allowing and accepting myself to educate myself with the field of study in economics to enrich myself for the sole purpose of only enriching myself no matter the consequences of others well being.

I forgive myself for allowing and accepting myself to concern myself with economics in order to elevate myself to higher status in society.

I forgive myself for allowing and accepting myself to use economic words/vocabulary around others to make them feel small and insignificant.

I forgive myself for allowing and accepting myself to use my mind/my menory muscles to achieve in the field of economics in order to impress teachers/lecturers/parents/family.


Step 3 - Self-Corrective

I allow myself to study the field of economics in order to gain insight and understanding of how corrupt and greedy economists are.

I allow myself to study the field of economics in order to gain insight and understanding of how the money system and structures operate in our society.

I allow myself to gain a clear understanding of the economic problem as which we as a species have allowed and accepted to exist today.

I allow myself to realize that the economic problem is in reality an individual problem to each human being alive - self-interest.

I allow myself to realize that if we did not sell the Limited resources for personal gain but instead cooperated with each other,in  a orderly fashion we could have shared the limited resources efficiently in order to meet not our unlimited wants and desires but our limited needs instead.

I allow myself to explore furhter the ideas/principles of oneness and equality in the field of study that is the economy,as what is best for all life.