Major points of Lionel Robbins definition of Economics:
1 - Ends (Unlimited Wants)
2 - Means (Scarce Resource)
3 - Alternative Uses.
The four basic problems of an economy, which arise from the central problem of scarcity of resources are:
What to produce?
How to produce?
For whom to produce?
What provisions (if any) are to be made for economic growth?
Macro-economics is also called the income and employment theory because it deals with determination of equilibrium level of income and the corresponding level of employment in the country.
Macroeconomics is the study of aggregates; as it studies the economy as a whole, rather than the individual economic units as a consumer or a producer.
Microeconomics is often called price theory to emphasize the important role that prices play in determining market outcomes. Microeconomics explains how the actions of all buyers and sellers determine prices and how prices influence the decisions and actions of individual buyers and sellers.
The bank cash book is the multicolumn ledger account maintained by operating level offices of government of Nepal as general ledger for posting the cash transactions.
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