Hi!

I’m
Chona Caingles Borromeo
Instructor
MICROECONOMICS
What is economics?
• Economics is the study of scarcity and its
implications for the use of resources,
production of goods and services, growth
of production and welfare over time, and a
great variety of other complex issues of
vital concern to society.
Microeconomics
Microeconomics is a branch of
economics that studies the behaviour
of individual units such as households,
individuals and enterprises within the
economy.
• The first known use of the term
"microeconomics" in a published
article was from Pieter de Wolff in
1941, who broadened the term
"micro-dynamics" into
"microeconomics".
• Who is the father of microeconomic?
• Alfred Marshall FBA
• Contributions :
• Father of microeconomics and welfare
economics Founder of neoclassical
economics Principles of Economics (1890)
Marshallian scissors Internal and external
economies Marshall–Lerner condition
• Who is the mother of microeconomics?
• Ragnar Anton Kittil Frisch (3 March 1895 –
31 January 1973) was an influential
Norwegian economist known for being one
of the major contributors to establishing
economics as a quantitative and
statistically informed science in the early
20th century.
• Ragnar Frisch
• Ragnar Frisch is a Norwegian
economist who created the
terms 'microeconomics' and
'macroeconomics" for the first
time in the year 1993.
• Adam Smith
• Adam Smith is considered the
father of microeconomics, who is
also the father of economics.
• He is the father of microeconomics
class 11?
• Adam Smith was an 18th-
century Scottish
philosopher. He is
considered the father of
modern economics.
•Why Is Adam Smith
Called the Father of
Economics?
• Adam Smith is called the
"father of economics"
because of his theories on
capitalism, free markets,
and supply and demand.