• DIFFERENCE BETWEEN Micro & Macro Economics
ECONOMIC'S is Divided into two parts viz. MICRO ECONOMICS & MACRO ECONOMICS. Both the term/concept MICRO & MACRO ECONOMY were FIRST used by Ragnar Frisch of Oslo University in 1933. • The term/concept MICRO ECONOMY is Derived from the GREEK WORD MIKROS which means small & millionth part . • The term/concept MACRO ECONOMY is Derived from the GREEK WORD MAKROS which means Large & Aggregate part of an ECONOMY . • In Micro economy we analyse the economy behavior of small individual economic unit such as INDIVIDUAL CONSUMER , INDIVIDUAL PRODUCERS , THE PRICE OF A PARTICULAR COMMODITY & FACTOR etc . • In Macro economy we analyse the behavior of the economy as a whole OR we study Large aggregates of the Economy such as TOTAL NATIONAL OUTPUT , TOTAL NATIONAL INCOME , TOTAL CONSU...