Meaning of Micro and Macroeconomics
The two terms"microeconomics" and "macroeconomics" were first coined and used by Ragner Frish, a german economist,in 1933.These two words have been derived from the Greek words 'mikros' which means small and 'makros' which means large. The term 'microeconomics' and 'macroeconomics' are now used to denote the two branch of economics. Microeconomics Microeconomics deals chiefly with the choice and decision making behavior of households,firms and industries and the relationship between prices and quantities of individual goods and services.It studies economic behavior of individual economic entities and individual economic variables.In other words,microeconomics is the study of such economic units as individuals firms and households,individual prices,wages,incomes,individual industries and individual commodities.According to K.E. Boulding, " micro economics is the study of particular firm,particular households,individual pr...