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Introduction to Micro and Macro Economics

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Introduction to Micro and Macro Economics:

Micro economics and Macro economics are the two main branches of modern economics. The term ‘micro’ is derived from the Greek word, ‘Mikros’ which means small or a millionth part. The term ‘macro’ is derived from the Greek word, ‘Makros’ which means large. These terms were coined by Norwegian Economist Ragnar Frisch of Oslo University in 1933.

The English term 'Economics' is derived from the Greek word 'Oikonomia'. Its meaning is 'household management'. Economics was first read in ancient Greece. Aristotle, the Greek Philosopher termed Economics as a science of 'household management'.

About the Economist:

Ragnar Anton Kittil Frisch (1895-1973), a Norwegian econometrician and economist was a joint winner with Jan Tinbergen of the first Nobel Prize for Economics in 1969. He was a pioneer of econometrics- the application of mathematical models and statistical techniques to economic data and theories. He coined many economic terms. In an article on business cycles, Frisch was likely the first person to have referred to the study of individual firms and producers as Microeconomics.” Moreover, he referred to the study of the aggregate economy as “Macroeconomics.” 

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