Wich economists divided economics in two branches of micro and macro on the basis of economic activity
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Answer:
Economics was divided into two branches by the Norwegian economist Ragnar Frisch in the year 1933.
It was classified as microeconomics and macroeconomics.
Explanation:
Microeconomics is the study of the economic actions and conduct of small, distinct economic units.
It means that the study and analysis of the behavior of individual economic units can be referred to as microeconomics.
Microeconomic studies, for instance, focus on the actions of a single producer, firm, household, or industry.
It implies that microeconomics makes a microscopic analysis of tiny individual units.
Macroeconomics is a discipline of economics that focuses on an economy's overall performance, structure, behavior, and decision-making rather than just specific markets.
This covers the local, regional, and international economies.
It is focused on the nature, relationships, and behaviors of such averages and aggregate numbers as:
- national income
- total consumption
- savings
- and investment
- total employment
- average general price level
- average spending
- average supply of goods and services.
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