What is the Greek word for micro economics?

Micro economics is derieved from the Greek word “Mikro” meaning small.

What is the Greek word of macroeconomics?

The term macroeconomics is derived from the Greek word Makro which means large. The study of macroeconomics involves the study of factors affecting an economy as a whole rather than the study of the individual factors.

What is the Greek meaning of economics?

The word ‘economics’ comes from two Greek words, ‘eco’ meaning home and ‘nomos’ meaning accounts. The subject has developed from being about how to keep the family accounts into the wide-ranging subject of today. … Also, there are different ways of learning economics.

What is the other name of micro economics?

The term: price theory is the another name of microeconomics.

Is micro economics one word?

the branch of economics dealing with particular aspects of an economy, as the price-cost relationship of a firm.

Which Greek word is the term economic derived?

The term economics is derived from ancient Greek word “OIKONOMIA” which means .

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Which is derived from Greek word makros?

Answer: The term ‘macro’ has been derived from the Greek word ‘makros’ which means ‘large’. Macroeconomics deals with overall performance of the economy and is concerned with study of problems of the economy like inflation, unemployment, poverty etc.

What is the meaning of oikos?

The ancient Greek word oikos (ancient Greek: οἶκος, plural: οἶκοι; English prefix: eco- for ecology and economics) refers to three related but distinct concepts: the family, the family’s property, and the house. Its meaning shifts even within texts, which can lead to confusion.

How did Aristotle define economics?

For Aristotle, the primary meaning of economics is the action of using things required for the Good Life. In addition, he also sees economics as a practical science and as a capacity that fosters habits that expedite the action.

How does Adam Smith define economics?

Adam Smith’s Definition of Economics

Smith defined economics as “an inquiry into the nature and causes of the wealth of nations.”

What is another word for macroeconomics?

Macroeconomic Synonyms – WordHippo Thesaurus.

What is another word for macroeconomic?

finance business
scarcity microeconomics
macroeconomics banking
investment money
accounts accounting

What is micro economics in English?

Definition: Microeconomics is the study of individuals, households and firms’ behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.

What are the 3 main concepts of microeconomics?

The three main concepts of microeconomics are:

  • Elasticity of demand.
  • Marginal utility and demand.
  • Elasticity of supply.
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Who defined microeconomics?

Microeconomic study historically has been performed according to general equilibrium theory, developed by Léon Walras in Elements of Pure Economics (1874) and partial equilibrium theory, introduced by Alfred Marshall in Principles of Economics (1890).

What is Adam Smith’s main idea?

Adam Smith was among the first philosophers of his time to declare that wealth is created through productive labor, and that self-interest motivates people to put their resources to the best use. He argued that profits flowed from capital investments, and that capital gets directed to where the most profit can be made.

What does macroeconomics mean?

Macroeconomics is the branch of economics that deals with the structure, performance, behavior, and decision-making of the whole, or aggregate, economy. The two main areas of macroeconomic research are long-term economic growth and shorter-term business cycles.