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Chapter 1: Basic Concept of Economics and Allocation of Resources
Lesson No.
Lesson Name
Exercise
1.
Basic Concept of Economics and Allocation of Resources
Basis Concept of Economics and Allocation of Resources
Definition of Economics: Adam Smith, Alfred Marshall and Lionel Robbins
Concept of Positive and Normative Economics
Concept and Difference between Miceoeconomis and Macroeconomics
Types of Goods and Services: Normal, Giffen, Inferior, Substitutes, Complements, Private, Public, Economic and Free goods.
Demand, Supply and Market Equilibrium
Demand: Meaning, Demand function, Law of Demand, Factors affecting demand, Movement and shift in demand curve, factors responsible for shift in demand curve
Supply: Meaning, Supply function, Law of Supply, Factors affecting supply, Movement and shift in supply curve, factors responsible for shift in supply curve
Interaction between demand and supply/ Maket Equilibrium
Numericals
Elasticity of Demand and Supply
Concept and Types of Elasticity of Demand: Price, Income and Cross Elasticity
Types of Price, Income and Cross Elasticity of Demand
Factors affecting price elasticity of demand
Concept and types of elasticity of supply
Numericals
Consumer’s Behaviour
Concept of Cardinal Utility: Total Utility and Marginal Utility
Law of diminishing marginal utility
Law of substitution
Consumer’s surplus and Producer’s surplus
Numericals
Theory of Production
Concept of Production and Production Function
Total, Average and Marginal Products and their derivation
Law of Variable Proportion
Law of returns to scale
Numericals
Introduction to Macroeconomics
Macroeconomic Variables
Concept of Closed and Open Economy
National Income Accounting
Various concepts of National Income: GDP, GNP, NNP, NI, PI, DI and PCI.
Nominal and Real GDP: Difference and Calculation, GDP Deflator
Measurement of National Income; Product, Income and Expenditure Method
Difficulties in the measurement of national income in the context of nepal
Numericals
Money and Inflation
Meaning, Importance and functions and forms of money
Concept of money supply: Narrow and Broad Money
Quantity Theory of Money (Fisher’s Equation)
Meaning, Causes and Effects of Inflation and Deflation
Numericals
Economic Development, Growth and Capital Formation
Concept of Economic Development and Economic Growth
Indicators of Economic Development
Characteristics of Developing Economies
Process of Capital Formation
Review of Nepalese Economy
Contemporary Characteristics of Nepalese Economy
Macroeconomic indicators of central government and seven provinces of Nepal
Natural Resources of Nepal
Water Resource: Importance, Potential, Current situation and Problems
Forest Resource: Present Situation, Importance, Causes and Consequesnces of Deforestation
Mineral Resource: Importance, Problems
Natural Resource Management, Climate Change, and its impact in the economy
Agriculture
Characteristics of Nepalese Agriculture
Measures to Modernization and commercialization of agriculture sector in Nepal
Sources of Agriculture Finance
Nature of agriculture marketing, problems and measures to solve the problems
Manufacturing and Tourism Industry in Nepal
Concept and types of Industry
Brief History of Industrial development in Nepal
Importance and problems of Nepalese Industrial Sector
Tourism Industry: Importance, Present Situation, Prospects, Problems and Remedial Measures
Transportation and Communication
Role of Transportation and communication in economic development
Means of transportation and communication and Present situation
Fundamental concepts of Mathematics
Importance and application of mathematics in economics
Equation of straight line
Differential calculus: Simple and Partial Derivatives
