We all know that economics is a social science, which deals with production, distribution and consumption functions. It is all about making choices regarding the allocation of scarce resources, so as to make their best possible use and satisfy human wants and needs. In economics, we often go through the terms needs and wants, but have you wondered about their differences. Needs point out the something you must have for survival. On the other hand, wants refers to something which is good to … [Read more...]

Assessment is defined as a process of appraising something or someone, i.e. the act of gauging the quality, value or importance. As against, evaluation focuses on making a judgment about values, numbers or performance of someone or something. Assessment is made to identify the level of performance of an individual, whereas evaluation is performed to determine the degree to which goals are attained. The basic difference between assessment and evaluation lies in the orientation, i.e. while the … [Read more...]

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...]

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...]

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...]

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...]

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...]

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...]

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...]

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...]