“The word " economy" has latterly been used in various senses; the Germans give it a very indefinite signification.
Judging from its etymology and original signification, the Greeks seem to have understood by it the establishment and direction of the menage, or domestic arrangements.
Xenophon, in his work on economy, treats of domestic management, the reciprocal duties of the members of a family and of those who compose the household; and only incidentally mentions agriculture as having relation to domestic affairs. This word is never applied to agriculture by Xenophon, nor, indeed, by any Greek author; they distinguish it by the terms, georgic geoponic.
The Romans give a very extensive and indefinite signification to the word "economy." They understand by it, the best method of attaining the aim and end of some particular thing; or the disposition, plan, and division of some particular work. Thus, Cicero speaks of oeconomia causae, oeconomia orationis; and by this he means the direction of a law process, the arrangement of an harangue. Several German authors use it in this sense when they speak of the oekonomie eines schauspiels, or eines gedichtes, the economy of a play or poem. Authors of other nations have adopted all the significations which the Romans have attached to this word, and understand by it the relation of the various parts of any particular thing to each other and to the whole—that which we are accustomed to term the organization. The word "economy" only acquires a real sense when applied to some particular subject: thus, we hear of "the economy of nature," "the animal economy," and " the economy of the state" spoken of. It is also applied to some particular branch of science or industry; but, in the latter case, the nature of the economy ought to be pointed out, if it is not indicated by the nature of the subject.”

Source: The Principles of Agriculture, 1844, Section II. The Economy, Organization and Direction of an Agricultural Enterprise, p. 54-55.