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…
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…
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…
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…
Privatization | Characteristics, Objectives, and Advantages
Privatization means different things, but it usually involves moving something from government control to private ownership. This can include selling government-owned businesses or services to private companies. For example, the…
Economic Laws | Types, Features or Nature
Introduction Like all other sciences, economics collects facts and undertakes systematic study. The facts are analyzed and conclusions are drawn. These conclusions establish a causal relationship between the concerned points.…
Supply : Law of Supply
What is Supply? Supply is a quantity of a commodity that a producer is willing and able to offer for a sale at a given price during a given period…
