What is Net Domestic Product? The Net Domestic Product (NDP) is a key indicator of the economic growth of a country. Net Domestic Product (NDP) refers to the net monetary value of all commodities and services produced within the national borders of a country in a given period of time. ... Read More

Introduction The net exports formula is a key indicator of the economic health of a nation. As it includes both the total exports and total imports of a nation, it shows whether the output is healthy or not. It provides a broader idea of the volume of exports in comparison ... 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 ... Read More

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 ... Read More

Introduction: What is Opportunity Cost? Investors usually have more than one investment option but have to choose only one while leaving all other options. In this process, the investor has to lose the gain of the next best alternative. This potential loss an investor faces or the gain that is ... Read More

Introduction Depending on the choice of customers to buy products when their prices go up or down, goods are categorized into two types - Normal and Inferior goods. Identifying the goods as normal or inferior helps companies judge the forthcoming demand and this may help them set strategic decisions according ... Read More

Introduction Occupational structure refers to the framework of different occupations that build up the economy of a nation. Usually, in an economy, people are engaged in various professions in different proportions. All these professions make up the occupational structure of an economy. The occupational structure of different nations varies greatly ... Read More

Introduction: What is Organic Farming? Organic farming is an agricultural system based on ecologically based pest controls and biological fertilizers. These fertilizers used in organic farming are derived chiefly from animal and plant wastes and nitrogen fixation obtained by using special crops. Present- day organic farming is a response ... Read More

Introduction: What is an Outstanding Expense? Outstanding expense refers to expenses that have not been paid by a business yet. Usually, businesses do not pay all expenses when they incur them. Some expenditures are made at the end of the year or at some other decided time. These expenses ... Read More

Introduction: What is Perfect Competition? The term perfect competition is attached to a market condition where − All companies sell similar or the same products There is no barrier for firms to enter the market. Market share of companies does not influence the price Buyers have complete, perfect, or ... Read More