Study of Economics in Nepal

Introduction In the old days, human life was not as complex as it is today. People were self-dependent because there were a few basic needs to satisfy such as food, clothes, and shelter. With the passage of time and modernization, human wants multiplied.  As a result, self-sufficiency came to an end and the process of exchange started, under which people exchanged their commodities for other required commodities. This system is called barter system and the economy is called barter economy. After a long time, because of various difficulties of barter system, money emerged as a medium to make exchange easy or avoid the difficulties of barter system.

Introduction to Factors of Production Production is creation of utility and value of goods and services. Technically it is the process of transforming input into output. For example: processing of wheat into flour, converting wood into chair etc. In both of these examples, making flour and chair creates utility. Their value is also higher than wheat and wood respectively.

Introduction to Economics Economics has been taken as a most important knowledge in human life from the very beginning of human civilization. The thoughts on economics found in different eastern and western philosophies, Greek and Hindu literatures, etc. prove this fact. The term Economics has been derived from the ancient Greek word "Oeconomicus" which in economics is related to the study of household management or rules of household. Thus, economics means to manage household affairs with limited fund available in the most economic manner possible. Indeed, each individual household's success or betterment depends mainly on its ability to make wise economic decisions while being involved in different economic activities. 

Eco 304         Credit Hours: 5                                                                              Teaching Hours: 160 Course Contents

Non-Government Organizations and Nepal 1.   Introduction Government involvement is mainly on public goods, defense, diplomacy, macroeconomic management, justice, legal matters and infrastructure like social, physical, education, health, transportation, and environment protection. Regulatory and promotional role of government in the economy by using its power, enact the law to regulate different economic activities. The government intervenes, the activities of private firm by using various specific policies.

 Ethical Issues and Principles in Social Research 1.   Introduction Research means a systematic investigation to include research development, testing and evaluation, designed to develop or contribute some information or generalizable knowledge.

Exercise - National Income Accounting

 Concept of National Income Accounting The national income accounting was first introduced in England in 1676. It was based on the book "Political Arithmetic" written by William Petty. It was continuously developed in  18 th and 19 th  century. By   20 th  century, it was properly developed. After the Second World War "Simon Kuznets" developed national income systematically. National income accounting is defined as the method or technique used in construction of national income accounts. 

   Exercise - Basic Concept of Macroeconomics

 Concept of Macroeconomics In the past day, the whole economic concept was taken as a single theory. But, in the modern period of time, it has been divided into two parts: microeconomics and macroeconomics.  These two concepts of economics were first introduced by Ragnar Frisch in 1933 A.D. After the publication of The General Theory of Employment, Interest and Money published by J. M. Keynes in 1936 A. D., the application of macroeconomics had been taken in the history of economics.