RAMDOM KNOWLEDGE

According to the traditional approach, there are unlimited wants and ends of human beings and limited resources to fulfill them. However, we make some efforts and such efforts to fulfill our needs and get maximum satisfaction. The subject matter of economics contains the cycle of wants, efforts, satisfaction It includes consumption, production, exchange, distribution, and…

1. What is the allocation of resources?  Ans:          There are unlimited wants and limited resources to fulfill them. However, we should fulfill our basic needs by using its alternative uses. Even though using its alternatives there arises the problem of allocation of resources. So, generally, allocation of resources is the best selection and scientific use…

1. How is a plan formulated in Nepal? Describe. Ans:-       Plan formulation is the process of making a new plan with reference to the evaluation of previous plans including evaluation and monitoring of the current plan. The process of plan formulation in Nepal are as follows:- The planning authority evaluates the current and the past…

1. What are the characteristics of underdeveloped countries? Ans:       The main characteristics of underdeveloped countries are as follows:- 1. Economic characteristics:- 2. Demographic characteristics:- 3. Socio-cultural characteristics:- 4. High dependence on agriculture:- 2. Explain the indicators of economic development. Ans:     some popular and common indicators of economic development are briefly are following:- 1. Per Capita…

1. Describe the importance of foreign employment in the Nepalese economy. Ans:            Nepalese economy includes labor migration, foreign employment, and remittance. They play a big role in the development of Nepal. Some of the major importance are as follows:- Due to inflow in remittance, there is an increase in the consumption of basic goods, luxury…

Definition Part:- Modern Economist Lionel Robbins had given the scarcity definition of economics. He was a British scholar and professor of Economics at the ‘London School of Economics’. He published his book ‘An Essay on the Nature and Significance of Economics Sciences’ in 1932 A.D. and defined Economics as the science of Scarcity and Choice. Everyone considers…

Definition Part:- Neo-classical Economist Alfred Marshal had defined the welfare definition in 1890 A.D. He was a scholar of British and professor at Cambridge University. He published the famous book ‘Principles of Economics’ and defined economics as a science of material welfare. According to Alfred Marshal, Economics is a study of mankind in the ordinary business of…

Definition Part:- Classical Economist Adam Smith had given the wealth definition in 1776 A.D. He was a citizen of Scotland. He has separated from other social science and defined Economics for the first time. So, everyone know him as the ‘Father of Economics’ as well as the leader of Economics. He is only responsible for the birth of…

1. Describe the importance of the cottage industry in Nepal. Ans:             Cottage and small scale industries play a vital role in the process of economic development of a developing country like Nepal. The main importance of cottage industries are as follows:- Cottage industries produce goods depicting or reflecting local arts, skills, and cultures which can…

1. What are the problems of Nepalese agriculture? Ans:            Though agriculture regarded as the backbone of the Nepalese economy, it is still in an underdeveloped situation.  Some of the major problems in agriculture of Nepal are as follows:- Agro products need physical infrastructures like roads, irrigation facilities, equipment, warehouses, market centers, etc to increase the…