The term has always struck me as a misnomer.
Teaching "home economics" (aka home ec) in schools was popular in the '50s and '60s; but has apparently slacked off in recent decades. Helen Zoe Veit, assistant professor at Michigan State University, however, makes a good argument for reviving home ec classes. See her Op-Ed piece in The New York Times:
The language "rub" for me is that Home Economics never dealt with ECONOMICS; and the classes included only girls. It was always about cooking, sewing, and housekeeping. "Economic" things and math were left for the boys.
Let's do our best and get up to speed.