Study of Economics in Nepal

  Goods & Services Goods:  Goods are usually tangible (touch or hold) that satisfy human wants, such as pens, salt, apples, and hats.  Services : Services are activities provided by other people, who include doctors, lawn care workers, dentists, house cleaning, teaching, barbers, waiters, or online servers, a book, a digital video-game or a digital movie.

PRODUCTION POSSIBILITY CURVE OR FRONTIER (PPC OR PPF) Production: Technological transformation of input (factor: Ld, Lb, K, Org. & non-factor: water, electricity, raw materials) into output (finished goods and services: cloth, food, electricity). An economic model and visual representation of the ideal production balance between two commodities given finite resources. A  PPF or  PPC is a curve which shows various possible/attainable combinations of   output (the amounts of two goods) which can be produced at the maximum level within the given (fixed) resources and technology. Where the given resources are fully and efficiently utilized at the given period of time.