The main difference between total and marginal utility is that total utility refers to the total satisfaction received by the consumer from consuming different units of a commodity while the marginal utility, connotes the additional utility derived from the consumption of the extra unit of a commodity. The consumer demand for a product is based on the utility derived from it. From product point of view, utility refers to the power of a commodity to satisfy consumer wants. While from … [Read more...]

The utility is a psychological phenomenon; that implies the satisfying power of a good or service. It differs from person to person, as it depends on a person's mental attitude. The measurability of utility is always a matter of contention. The two principal theories for the utility are cardinal utility and ordinal utility. Many traditional economists hold the view that utility is measured quantitatively, like length, height, weight, temperature, etc. This concept is known as cardinal utility … [Read more...]

Exploratory research is one which aims at providing insights into and an understanding of the problem faced by the researcher. Descriptive research, on the other hand, aims at describing something, mainly functions and characteristics. The research design is defined as a framework for carrying out research activities in different fields of study. The research design is classified into two important categories i.e. exploratory and conclusive research. Conclusive research is further subdivided … [Read more...]

In statistics, the most often used word is 'variable' which refers to a characteristic that contains the value, which may vary from one entity to another. It is similar to the variables used in other disciplines like science and mathematics. The two most common types of variable are the dependent variable and independent variable. A variable is said to be independent, whose change influence another variable, while if the variable is dependent, it will change in response to the change in some … [Read more...]

Inflation refers to the rate at which the overall prices of goods and services rises resulting in the decrease in the purchasing power of the common man, which can be measured through Consumer Price Index. Modern analysis of inflation revealed that it is mainly caused either by demand side or supply side or both the factors. Demand side factors result in demand-pull inflation while supply side factors lead to cost-push inflation. The demand-pull inflation is when the aggregate demand is more … [Read more...]

Census and sampling are two methods of collecting survey data about the population that are used by many countries. Census refers to the quantitative research method, in which all the members of the population are enumerated. On the other hand, the sampling is the widely used method, in statistical testing, wherein a data set is selected from the large population, which represents the entire group. Census implies complete enumeration of the study objects, whereas Sampling connotes enumeration … [Read more...]

Many think that franchising and licensing are same, but the fact is that they are different, only the advantages of franchising are similar to those of licensing. The first and foremost difference between licensing and franchising are that the former is mainly associated with the production and marketing of goods while the latter is related to the service business. When it comes to business expansion, the first thing that strikes our mind is 'international business' a term we hear frequently, … [Read more...]

When it comes to education, there are many people involved in the educational institutions that help in successfully imparting education to the students. These include both academic and non-academic workforce. In this context, you have often heard the terms faculty and staff, end number of times in your day to day life. Faculty refers to the academic staff of the institution that can be your subject teachers or other teachers of your school or college. On the other hand, staff simply means … [Read more...]

The key factor behind the success of any organization, is the quality of leadership exhibited to the employees, that motivates them to do better. Have you ever wondered that a boss could be a leader also, but not all bosses are leaders? There exist a line of demarcation amidst the nature and characteristics of these two personalities. While a boss gives orders to his employees, a leader influences his followers by setting an example. A leader persuades his men to act in a specific manner, to … [Read more...]

Advertising and Public Relations are the two important tools for promoting products and services offered by the company. Advertising alludes to a form of communication, which a firm uses to instigate prospective customers to choose the product offered by the company, over other products. On the other hand, public relations is about building and maintaining good relations, with company's stakeholders, by gaining favourable publicity, having a good reputation and so on. The primary motive of … [Read more...]