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Key Differences

Know the Differences & Comparisons

Difference Between Demand and Quantity Demanded

Last updated on October 14, 2017 by Surbhi S

The fundamental difference between demand and quantity demanded is that while demand simply denotes the willingness and a person's ability to purchase. As against this quantity demanded represents the amount of an economic good or service desired by consumers at a fixed price. Have you ever observed why the inessential things like diamonds, platinum, gold are very expensive, whereas necessities like food, clothes, water are inexpensive? The only answer to this question is the law of demand, … [Read more...]

Difference Between Industry and Commerce

Last updated on October 14, 2017 by Surbhi S

Business is an economic activity, concerned with the provision of goods and services with an aim of earning a profit. There is two major classification of business activities, i.e. industry and commerce. The industry is all about the production of goods, whereas commerce focuses on their distribution of goods and services. Industry implies all the activities that are concerned with the conversion of raw materials into finished goods. Conversely, commerce aims at providing goods at the right … [Read more...]

Difference Between Functional and Divisional Structure

Last updated on October 14, 2017 by Surbhi S

Organizational Structure refers to a system describing an organisation's hierarchy within which all the managerial tasks are performed. It represents the authority-activity relationship in an organization. The two most commonly used structures of the organization are functional structure and divisional structure. The functional organisational structure is one where employees are grouped together, according to their area of specialisation. On the other hand, divisional organisation structure … [Read more...]

Difference Between Responsibility and Accountability

Last updated on October 22, 2018 by Surbhi S

The terms responsibility and accountability are often used interchangeably by the people, due to some similarities like the flow of both of these two, is from bottom to top. Although, they are different in the sense that, in the case of responsibility, a person does what he/she is asked to do. On the other hand, in accountability, a person agrees to do, what he/she is supposed to do. The basic difference between responsibility and accountability is that the former is assumed whereas the … [Read more...]

Difference Between Economic and Non-Economic Activities

Last updated on October 14, 2017 by Surbhi S

Every human being keeps himself occupied in some activity to satisfy human wants; such activities are known as human activities. These activities are broadly classified as economic and non-economic activities. While economic activities are those conducted with an aim of earning money or acquiring wealth, non-economic activities are performed free of cost, with service motive. The main difference between economic and non-economic activities lies in the fact that the economic activities are … [Read more...]

Difference Between Business and Profession

Last updated on October 14, 2017 by Surbhi S

Human activities are primarily classified into two categories, i.e. economic activities, and non-economic activities. Economic Activities are the activities conducted with an aim of earning money or livelihood. Further, these activities are sub-divided into business, profession and employment. There is a huge difference between business and profession in the sense that there is no minimum qualification required for starting a business. It means an activity that is related to buying and selling … [Read more...]

Difference Between Entrepreneur and Manager

Last updated on October 7, 2017 by Surbhi S

The term 'entrepreneur' is often contrasted with the term 'manager', as they are the key persons in an enterprise that help in the organisation, management, control and administration of the company. An entrepreneur is a person with an idea, skills, and courage to take any risk to pursue that idea, to turn it into reality. On the other hand, manager, as the name suggests, is the person who manages the operations and functions of the organisation. The main difference between entrepreneur and … [Read more...]

Difference Between Domestic and International Business

Last updated on October 7, 2017 by Surbhi S

Trade refers to the exchange of goods and services for money, which can be undertaken within the geographical limits of the countries or beyond the boundaries. The trade which takes place within the geographical boundaries of the country is called domestic business, whereas trade which occurs between two countries internationally, is called international business. Entities engaged in international business often face more difficulties than the entities which conduct domestic business. … [Read more...]

Difference Between Fixed and Flexible Exchange Rates

Last updated on October 7, 2017 by Surbhi S

Fixed exchange rate and flexible exchange rate are two exchange rate systems, differ in the sense that when the exchange rate of the country is attached to the another currency or gold prices, is called fixed exchange rate, whereas if it depends on the supply and demand of money in the market is called flexible exchange rate. The depreciation of Indian Rupee against US dollar is the common headline of almost all news dailies, since past few years. Not only India but the primary concern of the … [Read more...]

Difference Between Consumer Goods and Capital Goods

Last updated on January 7, 2021 by Surbhi S

In economics, goods are considered as those commodities which are capable of satisfying human wants and desires. There is two primary classification of goods, i.e. consumer goods and capital goods. Consumer goods are defined as the goods that are used for final consumption, i.e. the goods are not used for further processing. On the other hand, capital goods are those goods that are used for future production by the manufacturers, rather than by the consumers for final use. The line of … [Read more...]

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