There are a number of political systems prevalent in different countries of the world. Communism and socialism are two such economic system, which are commonly juxtaposed by the people. While communism is described as a social organization system where the community owns the property and each individual contributes and receives wealth as per their needs and ability. On the other hand, Socialism is an economic theory wherein the means of production, distribution, and exchange are owned and … [Read more...]

Occupation is an activity undertaken by the person to earn his livelihood. It can be business, profession or employment that a person undertakes to make money. Many think that occupation and profession are synonyms, but the fact is they are different. Profession is an activity that requires specialised training, knowledge, qualification and skills. It implies membership of a professional body, and certificate of practice. The individuals who undertake a profession of rendering personalised … [Read more...]

While the job is an activity that an individual do to fuel his livelihood, a career is something related to pursuing your passion. There is always a buzz, whenever we talk about job and career because many people see their job as their career. With the passage of time, the difference between the two terms is getting blurred. In simple terms, job is a position of regular employment, that is paid. Conversely, career implies progress of an individual in a particular profession or in a … [Read more...]

Cover Letter is a document that highlights the job seeker’s credentials, and describes the content of another document, i.e. resume or curriculum vitae, with which it is sent. On the other hand, Curriculum Vitae or CV is a summary of the applicant's educational and employment credential. It is a snapshot of the career history of the candidate, which is indeed the primary phase, in getting the attention of potential employer. The two documents are of great importance, for every candidate who … [Read more...]

Economic Cycle implies the economy-wide ups and downs in the economic activity, like savings, investment, income and employment over a certain period. There are several stages of the economic cycle, namely, boom/inflation, slowdown, recession, depression, and recovery. As recession and depression both refer to the period of credit crunch experienced by the economy, people often juxtapose recession for depression, but these are two different phases. Recession signifies a decline in the real … [Read more...]

Provident fund is a fund created by the employer's in which a certain percentage of the basic salary is contributed every month by the employer and the employee. On the other hand, the pension fund is a fund established by the employer in which a certain percentage of employee's salary is contributed month on month by the employer. At present, employees are regarded as assets of the company are they are responsible for its performance and position in the market. In fact, the success and … [Read more...]

There are certain forms of organization which is created, with an aim of providing services to the members, rather than earning a profit. Trust and society are two such organizations. Trust is a legal arrangement in which a person holds property for the sake of some other person. Society is an association of person, who come together to fulfill any particular purpose, described under the act. The basic distinguishing feature in the two legal persons is the purpose for which they are created, … [Read more...]

The term salary and wages is often confused by people and is used interchangeably. But the truth is that both these terms differ from each other and hold different meanings. Salary is a fixed amount paid or transferred to the employees at regular intervals for their performance and productivity, at the end of the month whereas wages are hourly or daily-based payment given to the labour for the amount of work finished in a day. The main difference between salary and wages lies in the fact that … [Read more...]

Words play a crucial role in communication process, to transmit the message in the way it is intended to be conveyed. When words are used in the process of communication, it is known as verbal commnication. Verbal transfer of information can be performed, orally or in written form. Oral Communication is the oldest means of communication, which is most commonly used as a medium for the exchange of information. It involves gathering or disseminating information through spoken words. Written … [Read more...]

Tax can be understood as the monetary obligation charged by the Government on income, activity or commodity. It is collected in order to serve the basic purpose of providing revenue to the government, so as to fulfill social and economic objectives. The tax is levied both on physical and non-physical items. Here, we are talking about indirect taxes which are imposed on goods and services. The tax charged on goods is known as Value Added Tax (VAT), whereas only Service Tax is charged on … [Read more...]