Showing posts from December, 2021
Capital In common sense, capital means money/wealth. But in economics, capital refers to all those goods which can be used for further production of goods such as mechanical equipment, raw materials etc. i.e., Capital is define…
Happy New Year 2022 On the occasion of New Year 2022, we wish you all the people very happy, prosperous, healthy, warm and peaceful year ahead. May this bring enough courage to all the world leaders and common people to fight gl…
Labour In common sense, labour means physical work. But in economics, it has wider meant. Labour refers to that physical or mental effort which is undertaken to obtain wealth or to earn an economic reward. The effort made without…
Introduction of factors of production Factors of production refer to those things which contribute towards production(output). In other words, factors of production are any things which are used to produce new goods and se…
Meaning of Goods and Services In economics, goods and services are combinedly called commodity . Anything that can satisfy human wants are called commodity . Goods refers to the tangible things that can satisfy human wants. It…
Concept of Microeconomics and Macroeconomics: Modern economists have divided the whole economic theories into two parts: microeconomics and macroeconomics. These words in economics were first used by Ragner Frisch in 1933 A.D.…
Concept of Positive and Normative Economics: Positive Economics: The concept of positive economics was followed by Modern economists Prof. Lionel Robbins and Classical economists Adam smith, J.B. Say, J.S. Mill, David Ricardo e…
Comparison Between Marshall and Robbins’s Definition of Economics According to Marshall, economics is the science of material welfare. His definition has focused on the role of mankind as well as wealth in economic life. But acc…
Merry Christmas 2021 to everyone.
Scarcity and Choice Definition / Robbins’ Definition/ Modern Definition: (1932- up to now) (Economics as a science of Scarcity and choice ) The modern economist Lionel Robbins had criticized Marshall’s definition of economics. …
Welfare Definition / Marshall’s Definition/ Neo-Classical Definition: (1890-1932) (Economics as a science of welfare) Alfred Marshall, the leader of Neo-classical economists, gave a new concept of economics by publishing his bo…
Wealth Definition/Adam Smith’s Definition/ Classical Definition: (1776-1890) (Economics as a science of wealth) Adam Smith was the leader of the classical school of thought. There were many economists before the emergence of cl…
UNIT 1 BASIC CONCEPTS OF ECONOMICS AND ALLOCATION OF RESOURCES CHAPTER 1 BASIC CONCEPTS OF ECONOMICS AND ALLOCATION OF RESOURCES Introduction: The word “ economics ” is originated from the Greek word “ oeconomicus ”. In Greek,…
Hey guys I have uploaded the question paper of Nepali(Science Faculty) Grade XI. Please do watch this. I will be uploading the question paper of the other subjects too in the coming days so do follow my blog. This question is t…
Hey guys I have uploaded the question paper of Business Mathematics Grade XI. Please do watch this. I will be uploading the question paper of the other subjects too in the coming days so do follow my blog. This question is take…
Hey guys I have uploaded the question paper of Account Grade XI. Please do watch this. I will be uploading the question paper of the other subjects too in the coming days so do follow my blog. This question is taken from the F…
Summary of the poem: Corona Says The poem 'Corona Says' is written by a Nepali poet Vishnu S. Rai. The poem is based on the theme of the present world crisis Corona and it's devastating impact on human life. It is a …
Hey guys I have uploaded the question paper of Basic Mathematics Grade XI. Please do watch this. I will be uploading the question paper of the other subjects too in the coming days so do follow my blog. This question is taken f…
