You first have to understand that macroeconomics is the study of economy as a whole. So the macroeconomic varaibles are such that they study the whole status of the economy. Like inflation which is the general price level. Aggregate demand of the .....

Gross Domestic Product, National Income, Aggregate Demand and Aggregate Supply, Total Investment are some of the macroeconomic variables. Let us take some examples for you to understand. GDP of Nepal is currently 21.14 billion USD. GDP of USA is .....

The modern approach has divided the whole economic theories into just two parts: 1. Microeconomics 2. Macroeconomics Microeconomics deals with individual units of the economy. Macroeconomics deals with the aggregate economy as a .....

Just like an individual or a household or a firm has its own revenue and expenditure patterns, The government of a country also has its own revenue sources and expenditure patterns. Public finance deals with the various sources of government .....

On the basis of traditional approach, economics deals with the following aspects: 1. Consumption of goods and services which helps to satisfy human wants. 2. Production of goods and services. 3. Determining the price of goods and services; often .....

सर्वप्रथम प्रबन्ध लेख्दा शीर्षक  लेख्ने, शीर्षकसँग सम्बन्धित कुराहरु कल्पना गरी वा पढेका .....

Adam Smith has said that the subject matter of economics revolves around the study of nature and causes of wealth. That means, economics just concerns with the various aspects of wealth only. Alfred Marshall, on the other hand, has said that .....

Unlike Adam Smith, both definitions given by Marshall nad Robbins have given importance to man and not wealth. Both definitions have regarded economics as a science. The concept of welfare forms the subject matter of both of these .....

Robbins in his definition identified that human beings have unlimited wants. But then the resources used to fulfill these wants are limited in nature. This has ultimately led to the problem of scarcity. And thus human beings are forced to make .....

In a cricket match, the main agents (entities) involved are batsman bowlers fielders coach Isn't it? Just like that, in an economy also, there are certain important players. 1. Individuals 2. Households 3. Firms 4. Government 5. .....

4. Social Science: As per this definition, it studies economic problems of those individuals who live in an organized .....

Alfred Marshall's definition of economics is considered as the welfare definition. According to Marshall, economics studies wealth on the one side, whereas, on the other side, it is the study of man. In his words, "Political economy or .....

Of course Yes. Adam Smith focused only on wealth accumulation and expenditure. But Alfred Marshall said that economics is not just about wealth. It is more concerned with the enhancement of the welfare of the human beings. And this is true as .....

This is because this definition given by Adam Smith has helped to distinguish economics from other social sciences like politics, ethics, etc. And you also have to remember that it is only with the publication of Adam Smith's book which helped .....

As per the definition of Adam Smith, wealth includes only material goods. Just for example, pen, book, house, vehicle, gold, money, etc. According to him, non-material goods like teacher's service, doctor's service, beautician's .....

Economists like J.B. Say; J.S. Mill; F.A. Walker are considered as classical economists. Do you know why? This is because they are economists who fully supported and followed the ideas of Adam .....

Before Adam Smith, there were no one to define economics in a systematic manner. It was Adam Smith who first presented a systematic analysis of economics. And that is why he is regarded as the "Father of .....

It was after the publication of Adam Smith's book which made economics a seperate social science. The name of the book was "The Wealth of .....

Production of various kinds of goods and services are considered as economic activities. Distribution and exchange of goods and services are also considered as economic activities. Consumption of final goods and services by the consumers are also .....

Actions that involve the production, distribution and consumption of goods and services at all levels within an economy. These levels may be individual units, or firms or households or even .....

1. When a small change in price (1%) leads to comparatively greater change in demand (10%) then it is called relatively elastic demand 2. When a greater change in price (10%) leads to comparatively lesser change in demand (1%) then it is called .....

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1. Price Elasticity of Demand (which deals with the measurement of change in demand due to change in price) 2. Income Elasticity of Demand (which deals with the measurement of change in demand due to change in income) 3. Cross Elasticity of .....

Do you know who A.A. Cournet and J.S. Mill are? They are classical economists who first introduced the concept of elasticity of demand. Later on, more presicely, classical economist named Alfred Marshall developed the scientific definition of the .....

What are the main factors that determine the demand of good? Is it price of goods? Is it price of related goods? Is it income of the consumer? Is it taste and preference of the consumer? Change in all these factors will obviously change the .....

See the above table. It shows the relationship between price of sugar and quantity supplied of sugar by the producer. This relationship is shown by the supply schedule. From the table, what conclusions can you .....

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Look at the above table. It shows the relationship between price of apple and quantity demanded of apple. What can you see? You can see that as the price of apple increases, the quantity demanded of apple decreases. And as the price of apple .....

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Look at the following table for your reference. This schedule gives you various quantity demanded by a consumer at different prices of a commodity per month. And refer to the figure aside for the demand curve drawn from the demand .....

Lets say that you are now concerned with the income level of the economy as a whole. This may include the income of individuals, plus the income of households, plus the income of firms and the income of government as well. When you are taking .....

There are goods and services produced within the territory of a country. This in included in GDP. It measures the market value of all these final goods and services. That means the price of all these goods multiplied by the quantity .....

Including the goods and services produced in a country, there are also factor incomes earned from abroad. Citizens of our country living abroad also earn in the form of rent, interest, profit or wages. And foreign citizens also earn incomes living .....

There are goods and services produced within the territory of a country. This in included in GDP. It measures the market value of all these final goods and services. That means the price of all these goods multiplied by the quantity .....

The problem of “for whom to produce” means the problem of distribution of produced goods and .....

It is because human beings have unlimited wants. When we satisdy one want, another want arises. And when that want is also satisfied, again another want arises. BUt then the resources to meet this wants are very limited. And this is because .....

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As a business man please consider yourself as an enterpreneur. Now think that you are the owner of TATA company. Please consider all the facors of production like land, labor, capital and enterprise. Now also consider rent to be paid, wages to be .....

You may visit some noodles manufacturing industries. What will you see there in the factory premise? There are lots and lots of machineries and equipments used. You won't see more labors involved in comparision to capital. Thus these .....

You can visit sites of Bhaktapur where people are doing pottery business. What can you see there? More labors are used and there is less use of equipments and machineries (capital). This can be referred as labor intensive technique of .....

Let me give you a very simple example. Let us say you have Rs. 100 in your pocket. The price of a movie ticket costs Rs. 45 The price of a bar of chocolate costs Rs. 20 The price of one kg apple costs Rs. 30 The price of one plate momo costs .....

Please recall what's the foundation of economics, The foundation of economics is the economizing problem: It means that society's material wants are unlimited while resources are limited or scarce. Unlimited .....

The basic economic problem in this world is scarcity. Do you think with the limited resources available te economic problem of scarcity will ever be absent? Since scarcity will always be present the situation when there would always be economic .....

It is because human beings have unlimited wants. When we satisdy one want, another want arises. And when that want is also satisfied, again another want arises. BUt then the resources to meet this wants are very limited. And this is because .....

Farmers produce different kinds of grains every year. Isn't it? But then do all these produced grains get market to sell? Of course NOT. Right? Most of these grains go wasted every year. This can be classified as a major economic .....

An individual lives with his family. The family is the constituent of the society. Group of societies make a nation or an economy. Since all these are inter-related, so is microeconomics interdependent with macroeconomics. Take for example, the .....

Marshall's definition of economics is considered as welfare definition. Robbins' definition of economics is considered as scarcity definition. Marshall considers economics as a social science which focuses on economic activities that .....

According to Robbin's, .....

He said that wealth is acquired by human beings for the welfare of themselves and the society. He also said that economics concerns with all those economic activities which helps in promoting the economic welfare of .....

Adam Smith defined economics as “An enquiry into the nature and causes of the wealth of .....