Demonstrations, strikes, agitation, protests, etc. by various groups like employees, doctors, students, lawyers and farmers, are very common activities these days. Sometimes these activities are undertaken by formally organized groups such as Trade Union, Doctor's Association, Teacher's Association, etc. to exercise pressure on the government for framing policies, withdrawing bills or implementing laws in a manner that suits their interest. Such groups are called interest groups. An interest … [Read more...]
Difference Between Detention and Arrest
We hear the term 'arrest' every now and then, due to the increasing crime in society. The primary difference between detention and arrest lies in the fact that whether the accused/suspected is charged with a crime or not. This is because when the person is just detained, he/she is held in police custody, based on reasonable suspicion, so as to question him/her. However, when the person is arrested, he/she is charged with a crime and needs to be presented before the court in 24 hours. In … [Read more...]
Difference Between Standard of Living and Quality of Life
In simple words, the standard of living implies the level of welfare provided to the residents of a country, i.e. it may refer to all those goods and services that people are able to consume and the resources they can access. On the contrary, quality of life indicates the welfare and well being of a person or group. Standard of Living is a quantifiable term, in the sense that it takes into account only material factors. As against, quality of life is a subjective assessment of how satisfied … [Read more...]
Difference Between Factor Income and Transfer Income
Factor Income refers to the income of means of production such as rent, wages, interest and profit, which accrues to land, labour, capital and entrepreneur, respectively. On the other hand, Transfer Income are the incomes which are not received by the person in the form of rewards for the services rendered, i.e. there is the transfer of money without the exchange of goods or services, National Income is the summation of all factor incomes earned by the country's residents during the period of … [Read more...]
Difference Between Collusive Oligopoly and Non-Collusive Oligopoly
The literal meaning of the word 'oligopoly' is 'competition among few'. Collusive Oligopoly is when the oligopolists come in formal or informal agreement with one another to avoid competition among themselves. On the other hand, in a non-collusive oligopoly, the firms tend to compete with each other, by setting their own price and output policy, which is independent of the other firms. What is Oligopoly? Oligopoly is a type of market characterised by a few firms offering either homogeneous … [Read more...]
Difference Between Individual Demand and Market Demand
Based on the number of consumers, demand is classified as individual demand and market demand. Individual demand implies, the quantity of good or service demanded by an individual household, at a given price and at a given period of time. For example, the quantity of detergent purchased by an individual household, in a month, is termed as individual demand. Unlike Market Demand implies the sum total of all individual demand for the commodity at each possible price, over a period of time. For … [Read more...]
Difference Between Learning and Education
Learning is automatic, i.e. we see things, we observe them and then learn something new through our experiences in our day to day life. So, it is a continuous process and also a life long one. Learning can be intentional or unintentional, conscious or unconscious, for better or for worse. On the other hand, the word 'education' is interpreted differently by different human beings. While for some it is a synonym for formal schooling, others take it as lifelong learning. There are also people … [Read more...]
Difference Between Substitute Goods and Complementary Goods
We all know that demand for a product is mainly affected by its price, but there are some other factors which can also affect its demand. One such factor is 'Price of Related goods', wherein the term 'related goods' means complements and substitutes. In simple words, Complementary Goods are the goods that complete each other. This means that such goods are used in conjunction with one other, which enhances their value. In other words, these goods have no value when they are consumed alone. On … [Read more...]
Difference Between Budget Line and Budget Set
The consumer has a limited income, that acts as a constraint to his/her maximizing behaviour, i.e. the budget constrains how much the consumers can consume. While budget line graphically represents the bundle of two goods which a consumer can buy with the given budget. As against, all the combinations in the positive quadrant, which lie on or below the budget line are called a budget set. You might have come across the term 'budget' at least once in your life. To know what quantities of two … [Read more...]
Difference Between Active and Passive Learning
Active Learning is one in which interactive methods are used which improves learning by allowing the learners to participate in the process. On the contrary, passive learning is one in which the students are held accountable for grasping all that is presented to them. While in passive learning you have to wait for the direction, instruction or information from the instructor to be given to you, in active learning you look for different methods to increase your involvement in the learning … [Read more...]
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