Etymology tree
Proto-Indo-European *weyḱ-
Proto-Indo-European *-os
Proto-Indo-European *wóyḱos
Proto-Hellenic *wóikos
Ancient Greek οἶκος (oîkos)
Proto-Indo-European *nem-der.
Proto-Indo-European *németi
Proto-Hellenic *némō
Ancient Greek νέμω (némō)
Proto-Indo-European *-os
Proto-Hellenic *-os
Ancient Greek -ος (-os)
Ancient Greek νόμος (nómos)
Ancient Greek οἰκονόμος (oikonómos)
Proto-Indo-European *-h₂
Proto-Indo-European *-éh₂
Proto-Indo-European *-i-eh₂
Proto-Hellenic *-íā
Ancient Greek -ῐ́ᾱ (-ĭ́ā)
Ancient Greek οἰκονομία (oikonomía)bor.
Latin oeconomia
Proto-Indo-European *-ikos
Proto-Italic *-ikos
Latin -icus
Latin oeconomicusder.
Old French iconomikeder.
Middle English iconomiquebor.
Middle English economike, iconomique
English economic
The noun is derived from Middle English economike, iconomique (“household management”), and then:
* from Middle French iconomique, oeconomique, and Old French iconomike (“(noun) household management; person in charge of household management; (adjective) relating to household management; relating to domestic or family matters; relating to management of a state; reducing costs or expenses, economical”) (modern French économique); and
* from their etymon Latin oeconomicus (“(noun) household manager, housekeeper, steward; (adjective) relating to orderly arrangement of written material”) (whence Late Latin economicus (“relating to (management of) a household”)), and economica (“household management”), both from Ancient Greek οἰκονομῐκός (oikonomĭkós, “skilled in household management; frugal, thrifty, economical”) (whence Koine Greek οἰκονομῐκός (oikonomĭkós, “relating to orderly arrangement of written material”)); from οἰκονόμος (oikonómos, “master of a house; household manager, steward; administrator, manager”) + -ῐκός (-ĭkós, suffix meaning ‘of or relating to’ forming adjectives). Οἰκονόμος (Oikonómos) is derived from οἶκος (oîkos, “dwelling place, house; estate”) (ultimately from Proto-Indo-European *weyḱ- (“(verb) to enter in; to settle; (noun) settlement”)) + νόμος (nómos, “law, ordinance”) (from νέμω (némō, “to distribute; to possess”) (ultimately from Proto-Indo-European *nem- (“to distribute; to give; to take”)) + -ος (-os, suffix forming o-grade action nouns from verbs)).
Noun sense 2.2 (“one who manages the income of a vacant benefice”) is from Italian economo, from Late Latin oeconomus (“housekeeper, steward; administrator, especially of a religious foundation”), from Ancient Greek οἰκονόμος (oikonómos, “master of a house; household manager, steward; administrator, manager”): see above.
The adjective is derived from the noun; compare the adjective senses in Middle and Old French, Latin, and Ancient Greek.
By surface analysis, economy + -ic.