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Key Differences

Know the Differences & Comparisons

Difference Between Business and Profession

Human activities are primarily classified into two categories, i.e. economic activities, and non-economic activities. Economic Activities are the activities conducted with an aim of earning money or livelihood. Further, these activities are sub-divided into business, profession and employment. There is a huge difference between business and profession in the sense that there is no minimum qualification required for starting a business. It means an activity that is related to buying and selling … [Read more...]

Difference Between Entrepreneur and Manager

The term 'entrepreneur' is often contrasted with the term 'manager', as they are the key persons in an enterprise that help in the organisation, management, control and administration of the company. An entrepreneur is a person with an idea, skills, and courage to take any risk to pursue that idea, to turn it into reality. On the other hand, manager, as the name suggests, is the person who manages the operations and functions of the organisation. The main difference between entrepreneur and … [Read more...]

Difference Between Domestic and International Business

Trade refers to the exchange of goods and services for money, which can be undertaken within the geographical limits of the countries or beyond the boundaries. The trade which takes place within the geographical boundaries of the country is called domestic business, whereas trade which occurs between two countries internationally, is called international business. Entities engaged in international business often face more difficulties than the entities which conduct domestic business. … [Read more...]

Difference Between Fixed and Flexible Exchange Rates

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...]

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