Found 104 Articles for General Economics

What is meant by the Classification of Data? Classification of data refers to organizing data into various relevant categories for simplicity and ease while using them. In economics and statistics, one has to often come across data categories that have their own properties. When data is organized depending on the properties of these categories, it is called data classification. Data classification helps in analysis and research. Data classification helps to find out and retrieve data quickly. It is useful in the sense of security, risk management, and compliance with various entities. Classification of data also means tagging it so that ... Read More

Introduction: What is Human Capital? Human capital refers to the economic values of quality and ability of labor that impact productivity. In other words, human capital means the stock of skills, expertise, abilities, and knowledge in a country at a certain point in time. Usually, human capital is concerned with the intangible assets and qualities of human beings that improve individual performance and benefit the economy. Investment is needed in human capital to produce more human capital. Nations rely on human capital for the improvement of the economy and the creation of more human capital. There should be enough availability ... Read More

Introduction: What is the Economic Environment? Businesses are impacted by various internal and external factors that affect their financial performance. The combination of all large-scale (macro) and small-scale (micro) economic factors are known as the economic environment. The economic environment is an essential indicator of businesses’ performance and is hence important to study. In simpler words, the economic environment is the combination of various economic functions that may affect the profitability and performance of a company over a certain period of time. These factors depend on the nature of the business of a company. For example, the weather is a ... Read More

Introduction: What are Not-for-Profit Organizations? Not-for-profit organizations are entities made for special interests and they do not seek to earn profits from their activities. Not-for-profit organizations do not charge profits for distributions among their members and hence it is a unique type of business, learning which is knowledgeable and important for all who want to have a good grasp of economics. Not-for-profit organizations may or may not work for social causes. Non-profit organizations may earn a profit but it is used for development and promotional activities. This is also applicable to not-for-profit organizations. A notable similarity between non-profit and not-for-profit ... Read More

Introduction: What are Index Numbers? The nature of variables to changes over a period of time, and index numbers are statistical devices to measure such changes. Usually, the variables in a statistical calculation diverge following a general trend. Index numbers represent this trend of diversion. The index numbers measure an average diversion in the group of related variables over at least two different situations. In general, index numbers are used to make a comparison of two variables. The subject of variables may be schools, persons, hospitals, etc. These numbers also measure the change in the valuations of variables, such ... Read More

Introduction: What is Sustainable Development? Sustainable development is a very important topic in modern economics. Sustainable development refers to present economic development without harming the economic resources and growth of future generations. Often, the word sustainability is used to define sustainable development. It means that we must not compromise the ability of future generations to meet their expectations in terms of economic resources for our own goals in the present. In other words, sustainability is the responsibility we must show for keeping future resources intact while continuing our generation’s economic growth. The notable factor in sustainable development is that ... Read More

Introduction: What is Poverty? Poverty is a social, economic, and political situation where people face scarcity of some urgent resources such as money and other material things. Poverty is a debilitating condition for both individuals who live as poor and the economies that have them. Poverty is directly related to unfavorable conditions such as malnutrition and other problems in healthcare. Poverty also causes many social evils because the poor may be incited to get involved in anti-social activities. The term poverty is derived from the French word ‘poverte’ which means poor. According to an estimate, nearly 2 million people turned ... Read More

Introduction: What is Supply? Supply is the number of goods and services a producer or supplier is willing and able to bring to a market for a given price. The amount of supply is dependent upon the availability of stocks and the determiners of supply who drive it in the market. In other words, supply is governed by demand. Ideally, it is the consumers who determine if more supply is required in a market through their ability and willingness to purchase more of a product. This is known as the demand of a market. When there is equality between ... Read More

Introduction: What is a market? A market is a place where buyers and sellers can exchange items for a price. There are two types of markets, physical markets such as those containing retail stores, and virtual markets such as online stores. In the case of virtual markets, no physical interaction between the buyers and sellers takes place while in the case of physical markets, the buyers and sellers have interactions. Economic transactions should take place in the marketplace for a place to be called a market. Transactions may be of various types and may include goods, services, currency, or information ... Read More

Introduction It is important to look at the theoretical implications of market equilibrium when the number of firms is fixed in a market. Although it is a hypothetical situation, the findings from the theory are applicable in real life. That is why looking at the findings of the situations when a number of firms are fixed in the market is indispensable for understanding the outcomes of real-life markets. This tutorial discusses the propositions of market equilibrium when the number of firms is fixed. What is Market equilibrium? Market equilibrium is a market condition where the market's demand and supply balance ... Read More