The terms Micro & Macro Economics were first used by ________. (Adam Smith / Robbins / Ragner Frisch / Marshall ). Fill in the blank with appropriate alternative given in the bracket.
Answers
• The term macro and micro-economics first used by Ragnar Frisch.
• He was a Norwegian economist. He received the first Nobel Prize in economic sciences.
• Micro and macroeconomics are used in economics by economists all over the world.
• Microeconomics study the behavior of individual economic groups.
• Macroeconomics study the economic whole. It focuses on all aspects like demand, supply, and price level.
• Both are very important for understanding the variations and secure the maximum level of occupation and earnings in our country.
The terms Micro & Macro Economics were first used by Ragnar Frisch.
Explanation:
Economics is a branch of social sciences that tells us how to utilize scarce resources efficiently.
Economics is categorized into two parts i.e.
1. Micro Economics
2. Macro Economics.
- Micro Economics: In this branch of economics, we study the economy of an individual firm. For Example, Demand for television goes down that may have an effect on the television industry only.
- Macro Economics: In this branch, we learn about the economy as a total which may influence the various aspect of society. For example, the Rise in the prices of petrol may affect the other sectors of the economy and can influence the political condition of that region.
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