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 ... 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 ... 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 ... 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 ... 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 ... 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 ... 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 ... Read More

Introduction: What is Market Equilibrium? Market equilibrium is a condition of the market where the demand and supply balance each other. Usually, during times of over-supply, the prices go down which increases the demand. In the case of over-demand, the prices increase which diminishes the demand. The equilibrium price ... 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 ... Read More

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 ... Read More