The word "thank" is related to the word "think", and specifically refers to good thoughts. And so such phrases as "Thank you" and "Thanks" indicate acknowledgement, kind thoughts, and good will for the person who did you a favor.
What about "спасибо"? Is it just a word? Or does it also go deeper? Because all I know is that it translates to "thank you".
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It is reduced спаси Бог - "God save [you]". Or at least it's the most popular theory.