Found 104 Articles for General Economics

Introduction: What is Planning? Planning is an activity every manager must resort to in order to set a path to obtain a goal in a given period of time. It includes defining some objectives, designing the paths to obtain the objective, and selecting certain paths out of numerous alternatives. Planning is not just a part of business, people need to plan in their day-to-day lives as well. However, it is mostly associated with commerce usually. Planning is a process of defining objectives for the future. However, there is always a timeline for planning because no one can plan for an ... Read More

What is an Open Economy? An open economy is one that deals with other nations across borders in terms of trade of commodities, financial assets, and human workforces. In the modern world, almost all economies are open in nature. There are actually no closed economies because closing the border from international trade blocks the economy from thriving. There are three basic ways to illustrate the composition of open economies which are the following: Output Market An open economy can trade with other economies in services, commodities, and products. This relationship broadens the idea that a country’s manufacturers and consumers can ... Read More

What are Small Businesses? Businesses that need less investment, labor, and work within a specified area are called small businesses. These businesses usually need an investment of a maximum of one crore. Small businesses operate locally and may be involved in manufacturing products that are sold and have a demand in the local market. Small businesses usually have fewer than 500 employees; since these businesses have access to fewer resources, they can ask for government support. Small businesses often have only one owner. However, there are small businesses that operate on a partnership basis. Small businesses are also known as ... Read More

Introduction: What is Rural Area? According to the planning commission of India, a rural place is a region where the maximum population does not exceed 15, 000. Another definition of a rural area is where the population density is a maximum of 400 people per square kilometer. These places there fall in the realms of tier 3 to tier 6 cities in India. In India, rural areas are governed by panchayats and they lack a municipal board. Therefore, in simple words, rural areas are villages and countryside areas that lack a modern governance system. As most of the geographical area ... Read More

Introduction Economic activities are at the core for an economy to survive. Categorizing economic and non-economic activities requires judging their objectives. Whirl economic activities have an economic return in mind, in the case of non-economic activities, no economic return is applicable. This tutorial discusses what economic and non-economic activities are, their characteristics, sectors of economic activities, and examples of some non- economic activities. What are Economic Activities? Economic activities are activities that are done for earning money and grow wealth. These activities are related to the production, distribution, and consumption of commodities and goods. Economic activities are performed with a ... Read More

What is Demand? Demand refers to a consumer's desire and ability to buy a product. This is known as individual demand. If all individual demands of a market are added together, then we get the market demand. Although these two are the most important and popular forms of demand, there are other types of demand too. Demand is the most basic tool in economics that is central to the idea of economics as a whole. Without demand, the markets will stop functioning, and hence, we won’t be able to run our societies. Demand is regulated by two laws, namely, the ... Read More

Introduction Global trade is advantageous for wealthy countries as they can use more of their resources, such as technology, capital, and labor, more efficiently than other countries. Different countries have different assets and natural resources which let them have a market internationally because they can sell their items cheaper than in the home market. Before learning about international trade, let us first try to understand what are imports and exports, as these two are inseparable parts of international trade. In trade, when one country buys products from the international marketplace is called import. On the other hand, when a ... Read More

Meaning of Economic System An economic system is the set of regulations that governments or societies exert to control and distribute various resources, goods, services, etc. in a given geographical location or a country. Economic systems have defined uses of economic resources, land, labor, capital, and physical resources, such as machinery and technology. An economic system is a complex structure containing various agencies, entities, governing bodies, and economic resources. There are numerous types of economic systems depending on the nature of control of the economy. Therefore, economic systems are the establishments that show the actual nature of the economy ... Read More

Introduction The measure of central tendency, also know as measures of center or central location, refers to a measure of summary that tries to represent the whole data set with a single value that shows the center value of the distribution. Three key measures of central tendency are recognized, namely, the mode, median, and mean. Each of these values shows a different indication of the central value of the distribution. The Mode The value that most commonly occurs in a distribution is the Mode. Considering the age of 11 players who are selected for a certain competition. 16, 16, 16, ... Read More

Introduction Tabulations or tables that represent data in simple and easy form are helpful in understanding and comparing data. These are made to make easy decisions and in order to make meaningful insights about the position or condition of a quantity studied. This tutorial discusses what tabulation is, its types, the major objectives of tabulation, and the requirements that must be followed while creating it. What is Tabulation? Tabulation refers to a systematic representation of data in the forms of rows and columns to ease comparison and maintain accuracy and simplicity. Tabulation is a part of statistics and it has ... Read More