12-Economic-in-nepali-notes for viva exam

Let's explore key economic terms. Scarcity means resources are limited, but human wants are unlimited. Choice is about selecting goods under scarcity. Opportunity cost is the value of the next best alternative given up.Division of labor splits production into specialized tasks, increasing efficiency. We see benefits like increased production and better resource utilization. But, what are the potential disadvantages of this approach?Disadvantages of division of labor include danger of over-production and increased dependence between departments. It can also lead to creative instinct loss and monotony for workers.Specialization means focusing on a specific task, leading to greater expertise. This method increases efficiency, reduces errors, and saves time and costs in production.Despite its advantages, specialization can bring monotony and reduce overall skill development for individuals. It may also lead to increased dependency within an organization, concentrating production risks.An economic system covers the production, consumption, and exchange of goods. There are three main types: Capitalistic/Market, Socialistic/State-Owned, and Mixed Economic Systems.A Capitalistic/Market Economy features private ownership, profit motive, and competition. Decisions are driven by consumer sovereignty and limited government intervention.A Socialistic/State-Owned Economic System emphasizes social welfare, with production and distribution controlled by the state. This system aims for economic equality and full employment.A Mixed Economic System combines elements of both private and public sectors. It balances profit motives with social welfare, using both market mechanisms and economic planning.The Production Possibility Curve (PPC) illustrates the maximum output of two goods given limited resources. It shows various combinations of production under specific assumptions like fixed technology.