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Economics (subject Matter) Terms coined by Prof. Ragnar Frisch 1933 -…
Economics
(subject Matter)
Terms coined by Prof. Ragnar Frisch 1933
Macro
Origin-
Greek word 'makros' meaning large
'A' stands for aggregates
studies the aggregate behaviour of an economy
ex. GDP, Total employment, GPL, AD, AS etc.
Features
Determination of Aggregate Output & GPL in the economy as a whole
Tools- AD & AS of all g& s
Name- Theory of income & employment
Exs
. GPL
National Income
AD of G&S in the economy
AS of G&S National
Output
deals with Aggregate output of all G& S
Also with the sub aggregates of the larger aggregates.
Ex. Total production of consumer & capital goods,
also the total production of all consumer goods separately & total production of all capital goods separately
Micro
Origin
- Greek word 'mikros; meaning small
'I' stands for individuals
studies behaviour of individual economic units
ex. a consumer, a firm, a household etc.
Features
Scope- determinatin of prices of goods & services
Tools- Dd & Ss of a particular commodity or factors of production
Name- Price Theory
Exs
. Pp of a good or service
Hh Income
Dd of good or service in the market
Ss of a commodity
output of a firm
It also deals with some aggregates- the ones which are confined to single product or single industry