has divided the study of economics in two part
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Ragnar Frisch has divided the study of economics in two parts.
- In 1933, the whole Economics has been divided into two parts as Micro Economics and Macro Economics by Ragnar Frisch.
- Micro and Macro words are derived from two Greek words 'mikros' and 'makros' which means small and large respectively.
- Micro Economics studies the actions of small businesses. It mainly deals with a specific business or individual.
- Macro Economics studies the actions of the whole economy but not a single unit. It deals with National income, poverty, unemployment, etc.
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