Surbhi S, Author at Key Differences

Difference Between Covariance and Correlation

Covariance and Correlation are two mathematical concepts which are quite commonly used in business statistics. Both of these two determine the relationship and measures the dependency between two random variables. Despite, some similarities between these two mathematical terms, they are different from each other. Correlation is when the change in one item may result in the change in another item. Correlation is considered as the best tool for for measuring and expressing the quantitative … [Read more...]

Difference Between MBA and Executive MBA

Someone has rightly said, "Learning has no end." Gone are the days when people believed that once they get the job, it's hard to continue studies. There are hundreds of programs run by the B-schools that offer degree courses in the working class. This not only increases their level of education but also boosts one's professional career. One such course is EMBA, which stands for Executive Master of Business Administration, which allows managers, executives, leaders, etc. to continue their … [Read more...]

Difference Between Holder and Holder in Due Course (HDC)

While talking about negotiable instruments such as cheques, bills of exchange and promissory note, we came across the terms holder and holder in due course, quite commonly. Holder refers to a person; we mean the payee of the negotiable instrument, who is in possession of it. He/She is someone who is entitled to receive or recover the amount due on the instrument from the parties thereto. On the other hand, the holder in due course i.e. HDC implies a person who obtains the instrument bonafide … [Read more...]

Difference Between Public Relations (PR) and Marketing

Marketing is a business activity that aims at promoting, advertising and selling company's products and services. On the other hand, public relations or commonly called as PR is a communication process; wherein the company seeks to build such a relationship between the company and the general public, which is mutually beneficial for them. Nowadays, people find it hard to distinguish marketing from public relation (PR), due to the emergence of social media, which filled the gap amidst these … [Read more...]

Difference Between Scarcity and Shortage

Scarcity means limitedness, which is used in the context of natural resources, that can be reproduced but still scarce as at a given point of time, the availability is limited. The shortage, on the other hand, is a market phenomenon, used for products and services which are not available in the required quantity. We all know that human wants are unlimited, and the means to satisfy human wants are scarce. In microeconomics, we study, how people work jointly to convert scarce resources into … [Read more...]

Difference Between Demand and Quantity Demanded

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

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

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

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

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...]