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...]
Difference Between Active Listening and Passive Listening
In active listening, the listener carefully pays attention to the words of the speaker and responds accordingly. On the other hand, in the case of passive listening, the listener only hears the speaker's statement but does not respond to it. An active listener is one that pays complete attention to the physical details of the speaker, for example, appearance, body language, expressions, etc. which play a crucial role in translating the meaning of the spoken matter. Oppositely, a passive … [Read more...]
Difference Between Traditional Marketing and Digital Marketing
Traditional Marketing is when the marketing activities are undertaken in a conventional fashion, i.e. by way of newspaper, television radio and magazine. As against, digital marketing is when we use the online platform to promote the products and services of our company. Marketing involves those activities which assist the company in promoting the offerings and converting the prospects into leads. In today's scenario, marketing has completely changed its form, i.e. from physical to digital. … [Read more...]
Difference Between Primary Group and Secondary Group
A society is composed of different types of groups which vary in terms of - social interaction, degree of intimacy of contact, degree of organization, range of group interest, size, etc. Primary Groups as the name suggests are the groups which are the main source of an individual's relationships and socialization. Its main characteristic is that it has an intimate face-to-face association and cooperation. Secondary Group are the groups which are formal, impersonal, contractual and specialized … [Read more...]
Difference Between Real Flow and Money Flow
Basically, there are two types of circular flow of income - Real Flow and Money Flow. The biggest difference between real flow and money flow is that in case of real flow, exchange of goods and services takes place among various sectors of the economy, but when we talk about money flow, the monetary exchange between the two sectors exists. A two-sector economy is one where only two sectors exist, i.e. the household sector, which represents the consumer group and producer sector which … [Read more...]
Difference Between Stock and Flow
The concept of stock and flow is mainly used while computing the national income of a country. There are a number of terms related to national income which are classified into stock and flow. For Example: While savings is stock, investment is a flow, the distance between two places is a stock, but the speed of the vehicle is a flow. Similarly, income is a flow, whereas wealth is a stock. So, what we have understood with the given examples is that stock implies the reserve of inventory or … [Read more...]
Difference Between Single Use Plan and Standing Plan
The difference between a single-use plan and the standing plan is clear from their name itself. Single-Use Plan is a type of plan, which can be used only once and so every time a new plan is formulated, to deal with the situation. On the contrary, standing plan implies the plan which is always ready for usage and they have a comparatively long-standing, i.e. once these plans are prepared they can be used for years. What is a Plan? In simple words, a plan is a scheme, which outlines how the … [Read more...]
Difference Between Autonomous Investment and Induced Investment
While autonomous investment is not influenced by the change in the level of income, output, profit and sales, induced investment is generally affected by these factors, and that is the crucial difference between these two types of investment. What is Investment? Investment can be understood as that part of the person's income which is spent into financial schemes, with an aim of further production of capital assets. While making an investment, the following factors should be taken into … [Read more...]
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