Internal Economies of scale is a result of endogenous determinants, i.e. the reasons which are internal to the firm. On the contrary, External economies of scale occur on account of exogenous determinants, i.e. the reasons which are external to the firm. The Long-run Average Cost (LAC) curve has a U-shape, due to the returns to scale, i.e. economies and diseconomies of scale. Economies of scale imply the corresponding savings in the cost of production achieved by the rise in the level of … [Read more...]
Difference Between Fiat Currency and Cryptocurrency
Fiat currency implies the money issued by the government of a country. It is a traditional medium of exchange, which is in the form of tangible currency, i.e. dollars, pounds or rupees, or it can be expressed electronically as bank credit. On the contrary, Cryptocurrency is a substitute for the traditional payment methods like cash, credit/debit card and cheques. It is based on cryptography technique which translates the basic text into unintelligible text. As the name itself signifies, … [Read more...]
Difference Between Stale Cheque and Post-Dated Cheque
Cheque refers to a bill of exchange, which contains an unconditional order to the bank to pay the specified sum from your bank account. There are two kinds of cheques which are commonly misunderstood are stale cheque and post-dated cheque. A stale cheque is one which cannot be honoured because the reasonable period is expired. As against, a post-dated cheque is a cheque which is drawn today but contains a future date for payment. Primarily, there three parties to a cheque, drawer - who draws … [Read more...]
Difference Between Absolute and Relative Poverty
Poverty can be defined as the state in which an individual or household is not able to fulfil the minimum consumption needs. It is not always about money, but it also entails access to basic facilities such as proper hygiene, sanitation, food, shelter, drinking water, health, education, transport, whose absence as a whole, is regarded as poverty. It can be absolute poverty or relative poverty. Absolute poverty is when there is an absence of a minimum level of subsistence needed for the basic … [Read more...]
Difference Between Packing and Packaging
The words packing and packaging often confuse us, as they play a very significant role in the field of Marketing and are used in the context of covering or wrapping the product for proper storage and transportation. While packing is more about protection, the packaging is focuses on the design and appearance of the product which makes it attractive. So, packing implies the act of covering up the item or product, to protect it from any damage, whereas packaging refers to a set of activities, … [Read more...]
Difference Between Across and Through
Prepositions can be described as the word that shows the direction and position of an object or person. Across and through are two most bewildering prepositions which can also be used as an adverb. Basically, they refer to the movement from one side to the other. Across, as the name suggests, it is used to talk about the transverse movement of a person or object. As against, through is used to denote a movement from one side of the passage, towards the other side. She walked through the … [Read more...]
Difference Between Simile and Metaphor
Figures of speech are the literary devices which can be a word or phrase not used in its usual or basic sense, so as to make the writing more interesting, persuasive, vivid and rhetorical. No form of poetry is complete without the use of figures of speech. In English, there are many figures of speech, but the two most commonly used for making the comparison are simile and metaphor. A simile is a figurative statement that uses connecting words. On the contrary, Metaphor is a figure of speech … [Read more...]
Difference Between Coordinating and Subordinating Conjunction
In the English language, we use conjunctions to link two words, clauses, phrases or sentences. These are used to add coherence in your piece of writing, by joining essential components within or between the sentences. There are various types of conjunctions such as coordinating conjunctions, correlative conjunctions and subordinating conjunctions. Coordinating conjunctions are the linking words that link ideas of equal importance, function or structure. Correlative conjunctions are one that … [Read more...]
Difference Between Formal and Informal Writing
When writing a letter, the writing style plays a very important role, especially when the letter is addressed to some respected or high-value person. There are two writing styles, i.e. Formal Writing and Informal Writing, wherein a formal piece of writing is one that must be clear, properly framed and well organised. On the other hand, Informal Writing is often understood as casual writing, which uses colloquial language. Our choice of the form of writing mainly depends on the fact - to whom … [Read more...]
Difference Between Syntax and Grammar
Many think that syntax and grammar are one and the same thing, but the fact is syntax is just a part of grammar. As against, grammar is the entire system of rules that allows people to form and interpret words, clauses, phrases and sentences, in their language. Syntax can be understood as the set of principles that defines the order of words, clauses and phrases to form a proper sentence in a particular language. On the contrary, Grammar implies an abstract system containing the set of … [Read more...]
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