Macroeconomics vs

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Questions and Answers

What are the two main branches of Economics?

macroeconomics and microeconomics

Who first coined the terms 'macroeconomics' and 'microeconomics'?

Ragner Frisch

What does microeconomics study?

Microeconomics studies the behavior of individual economic entities and small groups of economic entities such as households, business firms, markets, and governments.

What does macroeconomics study?

Macroeconomics studies economic aggregates such as total output, total demand, aggregate income, total savings, total investment, total employment, and the rise and fall in the general price level, and interest rates. Signup and view all the answers

What is the difference between microeconomics and macroeconomics?

Microeconomics looks at individual parts of the economy and studies the behavior of individual economic entities, while macroeconomics looks at the economy as a whole and studies economic aggregates. Signup and view all the answers

What are the main subjects traditionally divided in the field of Economics?

Macroeconomics and microeconomics Signup and view all the answers

Who coined the terms 'macroeconomics' and 'microeconomics'?

Ragner Frisch Signup and view all the answers

What does microeconomics study according to the text?

Individual economic entities and small groups of economic entities such as households, business firms, markets, and governments Signup and view all the answers

What is the focus of macroeconomics according to the text?

Economy as an organic whole, economic aggregates such as total output, total demand, aggregate income, total savings, total investment, total employment, and general price level Signup and view all the answers