Question

Who used the terms micro and macro economics for the first time?

Answer 1

Answer:

Ragnar Frisch, Norwegian Economist, coined the terms 'micro' and 'macro'economics for the first time in 1993.

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Answer 2

Answer:

The Norwegian economist Ragnar Frisch, who shared the first Nobel Memorial Prize in Economic Sciences in 1969, is believed to have first distinguished between microeconomics and macroeconomics in 1933.

Explanation:

Step 1: Microeconomics concentrates on concerns relating to individual income, output, price of commodities, etc., whereas macroeconomics deals with topics such as employment rate, national household income, etc. This is the main distinction between microeconomics and macroeconomics.

Step 2: Microeconomics will take into account things like personal earnings, personal savings, the cost of a certain item, etc. Macroeconomics takes into account things like poverty, the unemployment rate, aggregate demand and supply, etc.

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