Letters are a form of verbal and written communication, which contains information or message, send by one party to another, to convey the message. It is sent by one party to another, to provide certain important information. There are two types of letters, i.e. formal letters and informal letters. The formal letter is written for business or professional purposes with a specific objective in mind. It uses simple language, that can be easy to read and interpret. On the contrary, informal … [Read more...]

LLP is also a form of partnership, where the liability of partners is limited as well as any partner will not be held liable for the acts of other partners. General Partnership, on the other hand, brings unlimited liabilities to the partners concerned and so they are jointly or severally liable for the debts. Are you planning to commence a business or want to expand the existing one? You have to take an important decision here, regarding the selection of the form of business organisation. The … [Read more...]

Statistics is all about study and collection of data. In our earlier topic, we have discussed primary and secondary data. Primary data is the data acquired by the researcher to address the problem at hand, which is classified as qualitative data and quantitative data. Qualitative data is a data concerned with descriptions, which can be observed but cannot be computed. On the contrary, quantitative data is the one that focuses on numbers and mathematical calculations and can be calculated and … [Read more...]

We all are aware of the fact that nothing is permanent in this world, neither products nor technology. As day by day, improvements and updations are made in technology, leading to new inventions and innovations in every sphere of life. Invention refers to the creation of a brand new product or device. Conversely, innovation is an act of making changes to the existing product or the process by introducing new ways or ideas. At first sight, the two terms sound alike, but if you dig deeper, you … [Read more...]

You might have observed when you were a little kid; you want to be an astronaut, doctor, teacher or any other successful person. These are the aims of a person's life which he/she want to achieve in the lifetime. The word aim is often misconstrued with objective, as they talk about what an individual or entity may want to achieve. Both are the desired result of the work performed by an individual, however, they entail different concepts. The aim is the general statement of the expected … [Read more...]

 The basic difference between President and CEO is that President looks after the internal business operations, the CEO focuses on making a link between internal and external organization. In the corporate world, it is not the products, strategies or advertising, who leads the company in the path of success, rather it is the manpower which makes efforts continuously and strives for organization's progress. Chief Executive Officer (CEO) and President are two such key persons who hold the top … [Read more...]

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...]