Introduction :
Microeconomics and Macroeconomics 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.
Main Branches of Economics
1. Micro Economics
2. Macro Economics
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.”
