Elementary Concepts | VAT, GATT, WTO, and TRIPS
Value Added Tax (VAT) An added tax is such an indirect tax that is imposed on Value Added at various stages of production. Value added refers to the difference between…
Globalisation | Dimensions, Causes, Merits, and Demerits
Introduction Globalization means that countries are becoming more connected to the global economy. In the case of underdeveloped countries like India, this is important because it can help improve their…
Privatisation | Measures, Causes, Objectives, and Advantages
Introduction In the late 20th century, many countries, including India, saw a shift towards privatization, moving away from socialist economic models. This shift was influenced by the economic troubles faced…
Production | Methods, Factors, and Importance
Introduction In economics, the term "production" doesn't refer to the creation of physical goods, but rather to the process of enhancing the utility or value of existing resources. This concept…
Macro Economics | Scope, Uses, and Limitations
'Macro' as used in the English language originates in the Greek word Makros, meaning large. Hence, in macroeconomics, economic problems are studied from the point of view of the entire…
Entrepreneur | Functions, Qualities, Efficiency, and Importance
Entrepreneur In the modern age, the significance of the entrepreneur as a factor of production has increased manifold. An entrepreneur is a chief human factor of production. Classical economists made…
Division of Labour | Main Forms, Advantages, and Favourable Conditions
Introduction Adam Smith came up with the idea that people should do what they're best at. For instance, a cook should cook, and a professor should teach. This way, everyone…
Capital | Features, Classification, Functions, and Efficiency
Capital Capital is a crucial factor in production. In everyday language, we often use terms like wealth, capital, and money interchangeably. However, in economics, capital refers to the portion of…
Financial management | Types, Objectives, Functions and Career
Definition Financial management is like being the money boss of a business. Whether it's a small shop or a big company, someone has to handle all the cash stuff. This…
Land | Characteristics, Productivity, and Importance
Introduction The soil we cultivate, the river water with which we irrigate our fields, the forests we get wood from, and the mines yielding coal and Iron, etc. are also…
