Fixed exchange rate and flexible exchange rate are two exchange rate systems, differ in the sense that when the exchange rate of the country is attached to the another currency or gold prices, is called fixed exchange rate, whereas if it depends on the supply and demand of money in the market is called flexible exchange rate. The depreciation of Indian Rupee against US dollar is the common headline of almost all news dailies, since past few years. Not only India but the primary concern of the … [Read more...]
Difference Between Consumer Goods and Capital Goods
In economics, goods are considered as those commodities which are capable of satisfying human wants and desires. There is two primary classification of goods, i.e. consumer goods and capital goods. Consumer goods are defined as the goods that are used for final consumption, i.e. the goods are not used for further processing. On the other hand, capital goods are those goods that are used for future production by the manufacturers, rather than by the consumers for final use. The line of … [Read more...]
Difference Between Giffen Goods and Inferior Goods
In economics, the term 'goods' is defined as a commodity that satisfies human wants, i.e. something which provides utility to consumers. Various types of goods are studied in economics, like normal goods, inferior goods, luxury goods, Veblen goods, Giffen goods. Giffen goods are goods whose demand increases with the increase in its price and vice versa. On the contrary, inferior goods are those goods whose demand decreases with an increase in the consumer's income. As the income effect of … [Read more...]
Difference Between Income Effect and Substitution Effect
Income Effect is a result of the change in the real income due to the change in the price of a commodity, As against, substitution effect arises due to change in the consumption pattern of a substitute good, resulting from a change in the relative prices of goods. In economics, the total change in the consumption basket due to the change in price is called price effect. When there is a change in the price of the product or service, the budget line slope changes resulting in the change in the … [Read more...]
Difference Between Observation and Inference
In statistics, you have come across the terms, observation and inference, several times. Observation means an act of monitoring, something, i.e. objects, units, persons or anything else, by using senses. In this process, the observer stays at the place of the survey and observes the objects under consideration and notes down the observations himself. Conversely, Inference refers to the conclusion drawn based on the facts and evidence available, i.e. deductions are made as per the research … [Read more...]
Difference Between Population and Sample
Whenever we hear the term 'population,' the first thing that strikes our mind is a large group of people. In the same way, in statistics population denotes a large group consisting of elements having at least one common feature. The term is often contrasted with the sample, which is nothing but a part of the population that is so selected to represent the entire group. Population represents the entirety of persons, units, objects and anything that is capable of being conceived, having certain … [Read more...]
Difference Between Monopoly and Monopolistic Competition
Monopoly refers to a market structure where there is a single seller dominates the whole market by selling his unique product. On the other hand, Monopolistic competition refers to the competitive market, wherein few sellers in the market offer near substitutes to the customers. In economics, the market is not just a place whereby parties engage in an exchange of goods or services for money but it refers to a system wherein there are many buyers and sellers for a product or service having … [Read more...]
Difference Between Total and Marginal Utility
The main difference between total and marginal utility is that total utility refers to the total satisfaction received by the consumer from consuming different units of a commodity while the marginal utility, connotes the additional utility derived from the consumption of the extra unit of a commodity. The consumer demand for a product is based on the utility derived from it. From product point of view, utility refers to the power of a commodity to satisfy consumer wants. While from … [Read more...]
Difference Between Cardinal and Ordinal Utility
The utility is a psychological phenomenon; that implies the satisfying power of a good or service. It differs from person to person, as it depends on a person's mental attitude. The measurability of utility is always a matter of contention. The two principal theories for the utility are cardinal utility and ordinal utility. Many traditional economists hold the view that utility is measured quantitatively, like length, height, weight, temperature, etc. This concept is known as cardinal utility … [Read more...]
Difference Between Survey and Experiment
Primary data is described as a data originally collected, in essence, the data gathered is afresh and for the first time. Surveys and Experiments are two important statistical techniques used in research and data collection. When the research type is experimental, experiments are considered as a major source of primary data. On the other end, surveys are performed when the research is descriptive in nature. While surveys collected data, provided by the informants, experiments test various … [Read more...]
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