Key Differences

Difference Between Discovery and Invention

Each and everything that surrounds us and we are using in our day to day life is either discovered or invented, by experts. Most people have a misconception regarding the words discovery and invention, due to which they end up with the supposition that these two are one and the same thing. But that is not true, as discovery means uncovering something, which already existed, but not recognised by anybody else before, i.e. finding something unexpected. On the other hand, the invention refers to … [Read more...]

Difference Between Trademark and Patent

While the trademark is a mark, which can be a word, phrase, an image or anything else used to recognise the source of goods or service. The patent is a right granted to the inventor of something to manufacture, use or sell the invention. An idea remains an idea until and unless it is not transformed into something that has value. Once the idea is converted into a human creation, i.e. product, design, or any artistic work, it becomes intellectual property. Intellectual property is classified … [Read more...]

Difference Between Insurance and Assurance

Insurance is defined as an arrangement, in which the insurer commits to indemnify the loss or damage caused to the insured due to natural calamity or any other event whose happening is not certain, for special consideration. The term insurance is often juxtaposed with assurance, as these two are financial products sold by the company to people so as to protect their interest, however, they are different. Assurance refers to the agreement in which the insurer provides cover of an event, which … [Read more...]

Difference Between Hypothesis and Prediction

The hypothesis is the fundamental instrument in conducting research. It proposes new experiments and observations and indeed most of the experiments are undertaken, with the sole aim of testing the hypothesis. It is a propounded explanation for the happening of a particular phenomenon, whose development is based on specific evidence. Due to insufficient knowledge, many misconstrue hypothesis for prediction, which is wrong, as these two are entirely different. Prediction is forecasting of … [Read more...]

Difference Between Research Method and Research Methodology

Research can be understood as the systematic and rigorous search for appropriate information on a specific subject. It involves enunciation of the problem, developing a hypothesis, collecting and analysing data and drawing conclusions, based on the facts and data collected. And to do so, the researcher uses research methods, during the course of conducting research. The research methods are often confused with research methodology, which implies the scientific analysis of the research … [Read more...]

Difference Between Information and Knowledge

It is easy to get confused about information and knowledge. People often use the terms interchangeably, without knowing the fact that there are slight and subtle differences between information and knowledge. These two are important concepts of knowledge management system, wherein the former means processed data about someone or something, while the latter refers to useful information gained through learning and experience. When the data collected is filtered, it turns out as information. Of … [Read more...]

Difference Between Ethnicity and Nationality

The total world population is about 8 billion, which composed of people belonging to different groups, cultures, nations, races, etc. Based on the nationality and ethnicity, a person can be easily identified, i.e. to which country or ethnic group he/she belongs. Nationality implies the place of a person's birth, so it is simply the national identity of an individual. On the other hand, the ethnicity reflects the cultural and ancestral identity of a person. Nationality is used to determine to … [Read more...]

Difference Between Risk and Hazard

We dwell in a world, which is completely uncertain. There is end number of factors that have the capability of endangering our physical, moral or financial health which always surrounds us and they are beyond our control. You might have encountered, tragic deaths or causalities, loss of property and life due to natural calamities or human-made disaster. These forces ultimately pose a risk to human life or wealth or nature. The term 'risk' refers to the chance of loss due to a particular activity … [Read more...]

Difference Between Buying and Leasing

Vehicles are the long-term asset of the entity which is used in performing day to day business activities. To make use of vehicles like car, vans or pickup truck, there are two options open to you. One to own the car by buying it or to use it, for specified period by leasing the vehicle. Buying is simply acquiring the car by paying the price, either in the lump sum or via instalments. On the other hand, leasing is a bit different which allows you to use the asset for a fixed term, by paying … [Read more...]

Difference Between Trade-off and Opportunity Cost

Economics is all about making choices, in order to make best possible use of the scarce resource. Whenever we make a choice among various alternatives, we have to forgo other options. In this context, two economic terms are often misconstrued, which are the trade-off and opportunity cost. While a trade-off denotes the option we give up, to obtain what we want. On the other hand, the opportunity cost is the cost of the second best alternative given up to make a choice. In other words, it is … [Read more...]