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.
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Micro means a small part of a thing. Microeconomics thus deals with a small part of the national economy. It studies the economic actions and behaviour of individual units such as an individual consumer, individual producer or a firm, the price of a particular commodity or a factor etc
1. Maurice Dobb – “Microeconomics is in fact a microscopic study of the economy.”
2. Prof A. P. Lerner – “Micro economics consists of looking at the economy through a microscope, as it were, to see how the millions of cells in the body of economy – the individuals or households as consumers and individuals or firms as producers play their part in the working of the whole economic organism.”
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1) Study of Individual Units Microeconomics is the study of the behavior of small individual economic units, like an individual firm, individual prices, individual households etc.
2) Price Theory Microeconomics deals with the determination of the prices of goods and services as well as factors of production. Hence, it is known as price theory.