History of Development Plan In Nepal, systematic attempts to ameliorate the financial situation were initiated shortly after 2007 BS. A 20-year plan was announced during Prime Minister Juddha Shamsher's Rana system of government. The National Planning Committee was established in 1949 in order to specify the 15-year Plan. A distinct Ministry of Planning and Development was established in 1952. With the First Plan's implementation in 2013 BS, economic planning in Nepal got underway. Nepal has completed fourteen periodic plans thus far and launched the Fifteenth Five Year Plan. Vision of Fifteenth Development Plan The vision of the fifteenth plan is to encourage the nation's prosperity, development, and good governance. "Prosperous Nepal, Happy Nepali" (" समृद्ध नेपाल , सुखी नेपाली ") is the primary motto of the current 15th five-year plan. The plan focuses on establishing equitable opportunities for all citizens of Nepal and making the country a...

A.    The Least Developed Countries Low real per capita income, pervasive poverty, low literacy rates, short life expectancies, resource underutilization, and susceptibility to environmental and economic shocks are characteristics of least developed countries, often known as undeveloped countries. A significant portion of the populace in an underdeveloped economy cannot afford adequate standards of living. The Underdeveloped nations are typically characterized by: Low level of living, economic growth rate, and per capita income High economic inequality or an unequal distribution of wealth and income Significant reliance on the agricultural sector and an antiquated industrial structure The rapid population growth rate, high rates of unemployment, and underemployment Large imports and little exports Lack of funding, technology, and technical expertise A poverty cycle characterized by inadequate social and physical infrast...

Origin The term ‘Micro’ was derived from Greek word “Mikros”. Its meaning is small therefore microeconomics deals with individual units of the economy (individual economic activities). The term ‘Macro’ was derived from Greek word macros means ‘Large’ or ‘Big’. Therefore macroeconomics deals with aggregate economic activities. Definition Microeconomics is defined as that branch of economics which deals with the study of individual economic activities. Macroeconomics is defined as that branch of economics which deals with the aggregate study of economic activities i.e. study as a whole. Study Microeconomics studies microeconomic variables such as consumer and producer’s behaviour, pricing of goods/services, demand for and supply of commodity etc. Macroeconomics studies economics as a whole. In other words, it studies macroeconomic variables such as national income, aggregate demand and supply, national employment, poverty level etc. Objectives The main objective of microeconomics is t...

Since microeconomics and macroeconomics are the two approaches to the study of the same economy, their study is not conducted separately in two watertight compartments. The distribution between microeconomics and macroeconomics is made to help us understand behavior of economic units both from micro-perspective and macro-perspective. Moreover, the distinction drawn between microeconomics and macroeconomics is just to emphasize that the knowledge of both microeconomics and macroeconomics is essential through understanding of economics activities in an economy. In fact, the basic goal is the same for both branches of economics; the social welfare maximization. Thus, the microeconomics and macroeconomics are interdependent. The existence of the differences between microeconomics and macroeconomics does not imply that they are independent. In fact, macroeconomic theory has a foundation in microeconomic theory and microeconomic theory has a foundation in macroeconomic theory, i . e ., the...

A given economic arrangement is efficient if there can be no rearrangement which will leave someone better off without worsening the position of others. One important aspect of overall economic efficiency is productive efficiency. Productive efficiency occurs when an economy cannot produce more on one good without producing less of another good.

Generally, there are two fundamentally different ways of organizing an economy. Market and Command Economy. A market economy is one in which individuals and private firms make the major decisions about production and consumption. In a market economy, decisions are made in markets, where individuals and enterprises voluntarily agree to exchange goods and services, usually through payments of money. A system of prices, of markets, of profits and losses, of incentives and rewards determines the what (profits), the how (costs) and the form whom (reward for inputs). [Laissez-faire economy] A command economy is one in which the government makes all important decisions about production and distribution. In a command economy, the government owns most of the means of production; it also owns and directs the operations of enterprises in most industries; it is the employer of most workers and tells them how to do their jobs; and it decides how the output of the society is to be divided among ...

Most of the problems of economics emanates from the undeniable truth that human wants are unlimited and means to fulfill those wants are limited and they have alternative uses. So, at the heart of economics is the law of scarcity. If infinite quantities of every good could be produced or if human desires were fully satisfied, what would be the consequences? People would not worry about stretching out their limited incomes because they could have everything they wanted; businesses would not need to fret over the cost of labor; government would not need to struggle over taxes or spending, because nobody would care. In such a case of affluence, there would be no economic goods, that is goods that are scarce or limited in supply. All goods would be free, like sand in the desert or seawater at the beach. But no society has reached a utopia of limitless possibilities. Goods are limited while wants seem limitless. Even in developed countries, production is not high enough to meet everyone’s d...