Found 235 Articles for Economics

Introduction The Indian government has taken many steps to enlighten the customers about their rights. To empower the customers with the right knowledge about their rights, the government of India constitutes various programs. One such program is the Jago Grahak Jago movement. What is Jago Grahak Jago Movement? The Jago Grahak Jago which when translated means ‘wake up customer, wake up’ is one of the biggest initiatives taken up by the government of India. The intention of this movement was to educate customers about their rights and responsibilities. Another major aim of this movement was to protect consumers from the ... Read More

Airlines is making it easier for their customers to take advantage of premium services like better food, additional facilities, and higher comfort levels by offering premium economy and business class seating choices. Once a customer has flown business class for the first time, it's hard for them to return to the cheaper economy class option, even though the extra money is well spent. Although the differences between business class and the premium economy will be explained in further detail below, most passengers do not know the difference exists. What is Business Class? This tier of service, which was ... Read More

What is an Indifference Curve? The indifferent curve is a graphical representation of the utility of two products that offer similar kinds of satisfaction to a consumer. In other words, it is a graphical representation that shows the indifference of consumers towards two products. These products offer the same satisfaction to the consumer. Each point on the indifferent curve shows that the consumer derives the same utility and hence they are indifferent in terms of choice for the products. The indifference curve compares the utility of the products instead of the price and this shows the consumer choice for ... Read More

Introduction Planning is an indispensable activity for businesses. The management of all active firms plans for the future to make various decisions about the factors that affect business activities. Planning is an integral part of all departments of a business. It involves making predictions and forecasts about the future and preparing the present terms based on the predictions and forecasts to meet future goals and aims for the organization. Planning is also important for the execution of the best practice principles and following the success stories of the other firms in the different markets. That is why companies compare the ... Read More

Introduction Although price and demand are related, a change in price does not always result in a proportionate change in demand. For example, even a slight change in the prices of Refrigerators may affect the demand while a large change in the prices of salt may not change the overall demand. What is Price Elasticity of Demand? Price elasticity of demand is an important economic indicator of the growth in the demand of quantity or consumption of a commodity in relation to its change in price. Economists generally use price elasticity to express how supply or demand changes in the ... Read More

Introduction Entrepreneurship refers to the creation of a new business or economic venture by infusing value into it. Entrepreneurs are individuals who create entrepreneurship ventures. The products or services offered by entrepreneurship ventures may or may not be new but the entrepreneur invests value into the process. For doing this, the entrepreneur uses his skills and the available resources productively. The person responsible for creating entrepreneurship ventures is known as an entrepreneur. There are differences among people’s perceptions of whether entrepreneurs are born with the skills, but the truth is that entrepreneurship skills may be taught to individuals. For this, ... Read More

Introduction Over the last few years, the modes of business have changed overwhelmingly. The electronic mode of business has taken over the leading role now. People now buy goods and services over the internet right from their homes with a mobile phone with internet services. The way business is managed is totally different from what it was in the traditional method for the last few decades. Let’s see how new modes of business have emerged as the new processes of buying and selling things. What is E-Business? Named by the marketing and internet team of Intel in 1996, E-business is ... Read More

Demand Curve A demand curve shows hope that many products will be bought for a given price in a market. It is a representation of the price and quantity relationship that is based on the demand schedule. The demand schedule is a table that shows how many units of a good will be sold at various prices. The price of the products is put on the vertical or Y-axis, while the quantity is placed on the horizontal or X-axis. The graph shows the relationship between price and quantity at various points. As it can be seen, the lower the ... Read More

What is Privatization? The transfer of ownership, property, or business from the hands of the government to the private sector is known as privatization. After the privatization of a company, the government is removed from being the owner of the entity or business. Privatization can occur in another manner too. In this process, a publicly-traded company is taken over by a select few people. The stock of the company stops trading in the stock market. In this way, the general public is barred from holding a stake in such a company. The company gives up 'limited' and starts putting 'private ... Read More

Introduction Liberalization is an economic concept that mainly refers to reforms to remove certain limiting policies enacted by the government. Liberalization is aimed at growing the economy through increased participation of private players. Usually, liberalization is initiated by the government to lift restrictions put on trade and businesses to create a transparent and active free-market economy. What is Liberalization? Liberalization mainly refers to the upliftment of certain economic policies to bolster economic growth in a country. While initiating liberalization, the government ensures increased participation of private industries and individuals in the economy, thereby strengthening the economy in the long run. ... Read More