Time study is all about determining the ideal time taken in the performance of a well-defined job. On the other hand, Motion study is the analysis of human work, to find out the best method of doing it which involves least efforts. Fredrick Winslow Taylor, an Americal Mechanical Engineer, who is known as the Father of Scientific Management for his contribution in the improvement of industrial efficiency. Scientific Management implies the application of modern scientific methods in the study … [Read more...]
Difference Between Pre-Shipment and Post-Shipment Finance
Based on the stage at which the funding is provided, export finance is divided into pre-shipment and post-shipment finance. As their name suggests, pre-shipment finance is the credit advanced to the exporters before the shipment of goods, whereas post-shipment finance refers to the credit extended when the goods are already shipped. What is Trade finance? Trade finance refers to financing for the purpose of trade, which includes both domestic as well as international trade. Trade transaction … [Read more...]
Difference Between Retail Banking and Corporate Banking
Retail banking model is designed for the general public, with bank branches set up at different locations in a city which handles retail customers daily. In contrast, corporate banking is for businesses to help them in raising funds, providing credit, and offering advice. It offers customized finance specifically designed and personalized for corporate houses, as per their needs. Banking implies the business carried out or the services offered by the banking company. There are a number of … [Read more...]
Difference Between Private Finance and Public Finance
Finance is an offshoot of economics, which deals with the arrangement, management and deployment of money in an optimum way. It has two main branches - private finance and public finance. Private Finance is all about the management of finances at an individual level. On the other hand, public finance is a field of finance in which one studies the role of government and the impact of the various activities undertaken by the government, in an economy. One of the main difference between … [Read more...]
Difference Between Market Economy and Command Economy
Basically, in a market economy, economic activities are not planned, they take place as per the interaction of economic agents. As against this, in a command economy government has full control over the economic activities. An economy is nothing but a framework within which the economic activities are undertaken. It is that system operating in the country which organizes, coordinates and balances the economic activities, i.e. production, distribution, consumption and exchange of goods and … [Read more...]
Difference Between Intermediate Goods and Final Goods
Intermediate goods are goods which are used as a factor of production to produce goods which have the ability to satisfy wants. For this purpose, they undergo the production process. On the contrary, final goods are the goods which are readily available to sale, to the ultimate consumer of the product. Think of a car, which is a final product, however, the parts used to manufacture a car such as gear lever, tyres, steering wheel, windscreen, windscreen wipers, seat belt, speedometer, bumpers, … [Read more...]
Difference Between Tariff and Non-tariff Barriers
Tariff barriers are the tax or duty imposed on the goods which are traded to/from abroad. On the contrary, non-tariff barriers are the obstacles to international trade, other than tariffs. These are administrative measures implemented by the country's government to discourage goods brought in from foreign countries and promote domestically produced items. Though liberalization widened the scope and opportunities for the domestic companies, however, it has also posed a threat of competition … [Read more...]
Difference Between Article and Journal
Written compositions are available in varied types and forms, and targets a different segment of audiences. One who is interested in reading can find articles in various publications. An article is nothing but just a piece of writing on a particular topic, which along with other written material included in the books, magazines, newspaper, website, blogs, journals, etc. On the contrary, Journal is a periodical publication in a specific field of study, which is often reviewed by experts in the … [Read more...]
Difference Between Judgement and Decree
"Law" implies the system of rules and regulations, which are based on different principles of justice, fairness and equality, so as to govern human activities. In law, Decree implies the legal and formal order, which specifies the rights and obligations of the parties concerned. On the other hand, the judgement refers to the decision taken by the judge, on the premise of order or decree. As we know that thousands of cases are dealt in courts daily, on which judgement is pronounced, after … [Read more...]
Difference Between Commercial Bank and Development Bank
Commercial Bank is the bank organized to perform public utility banking services, such as accepting deposits, lending money, etc. On the other hand, development bank refers to a multi-purpose financial undertaking set up to provide financial aid to the industrial and agricultural sector, to encourage development. Banks play a very important role in the financial system of every country. If the banking system in the economy is effective, it adds to the economic development of the country. … [Read more...]
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