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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
Basic Concepts of Economics and Allocation of Resources – Concept of Scarcity and Choice – Concept of Opportunity Cost – Production Possibility Curve: Shape and Shift – Concept of Allocation of Resources – Division of Labour and Specialization: Advantages and Disadvantages – Economics System: Types and Characteristics
Market and Revenue Curves – Concept of Market: Perfect Competition, Monopoly Market, Monopolistic Market, Oligopoly Market) – Concept of Total Revenue, Average Revenue and Marginal Revenue – Derivation of Average Revenue and Marginal Revenue Curves from Total Revenue Curve under Perfect Competition and Monopoly. – Simple Numerical Illustrations
Cost Curves – Concept of Explicit, Implicit, Fixed, Variable, Total, Average and Marginal Costs – Short Run costs and derivation of short run cost curves – Simple Numerical Illustrations
Theory of Price and Output Determination – Definition and characteristics of Perfect Competition Market, Equilibrium price and Output determination of firm and industry under short run and long run. – Definition and characteristics of monopoly market and equilibrium price and output determination – Simple Numerical Illustrations
Factor Pricing – Concept of factor pricing – Rent: Economics Rent, Contract Rent and Ricardian Theory of Rent – Wages: Real wages and money wages, Subsistence theory and wage fund theory of wage – Interest: Gross and Net Interest, Classical Theory of Interest – Profit: Gross and Net profit, Risk Bearing Theory of Profit, Uncertainty Bearing Theory of Profit
Banking System and Monetary Policy – Role of Banking system in economy – Classification of Banks: Central bank, commercial bank, development banks, financial institutions and micro finance – Functions of central bank in the context of Nepal – Functions of Commercial banks in the context of Nepal – Concept of Capital and money market – Monetary Policy: Meaning and Types – Province wise distribution of commercial and development banks in Nepal
Government Finance – Concept and Importance of Government Finance – Classification of government expenditure in the context of Nepal – Concept of direct and indirect taxes, progressive taxation, proportional Taxation and Regressive Taxation – Qualities of Good Tax System – Government Revenue: Tax and Non-tax Revenue – Government Borrowing: Internal and External Borrowing – Government Budget: Meaning and phases of budget formulation in Nepal
International Trade – Concept and Importance of International Trade – Concept of Balance of Trade and Balance of Payment – Measures to correct Deficit Balance of Trade in Nepal – Exchange rate: Concept and types – Free trade and Protectionism: Merits and Demerits – Comparative Cost Theory of International Trade
Poverty, Inequality, Unemployment and Human Resources – Concept of Poverty, Inequality, Unemployment – Causes of Poverty and Inequality and measures to reduce them – Types and causes of Unemployment and measure to create employment – Concept and role of Human Resources – Concept of Human development Indicators and HDI – Current status of Nepal’s Population: Size, Composition, distribution and growth
Nepal’s Foreign Trade and Foreign Employment – Concept of Nepal’s Foreign Trade – Growth, Composition, direction and Problem of Nepalese Foreign Trade – Concept of WTO and SAFTA – Foreign Employment and Remittance: Current Status, Merits and Demerits
Development Plan in Nepal – Concept of Development Planning – Objectives, Priorities and Policies of Current Plan – General Evaluation of Previous Plan – Plan formulation process in Nepal
Sustainable Dvelopment Goals and Nepal – Concept of Sustainable Dvelopment Goals of United Nations :17 SDGs – Zero Poverty and Nepal – Zero Hunger and Nepal – Decent Work, Economics Growth and Nepal – Quality Education and Nepal
Basic Statistics – Review of Basic concept of statistics: Definition, scope, importance and limitations – Data Collection: Methods of Primary Data Collection and Sources of Seocndary Data – Deviations, Coefficient of variation and characteristics of variance – Index Number: Price Index Number, Laspeyre’s and Paasche’s Index Numbers