Page of the Day: about Economics (Économique)
Click on the dropdown button to translate. Translate this page: By Dr Jacques Hyacinthe The term economics was voiced for the first time in the 1580s as the” art of managing a household,” but it wasn't until 1926, when Ragnar Frisch, a Norwegian economist coined the word microeconomics while working on some specific statistical method. However, It is derived from “micro”(small) plus ” economics” as mentioned above and was described as the study of individual households and firms around 1948. Primarily, microeconomics deals with individual households and firms in terms of changes to be made regarding the allocation of resources, and the relations between the two. But without going further, it is to be distinguished from macroeconomics which manages the economy on a national level with regard to inflation, unemployment, and growth. When people live and share meals under the same roof as single families or groups such as retirement or nursing home, they are subject to eco