Abnormal demand It is a situation in which people buy more and more goods as their prices...
ECONOMICS
It is a curve that relates different quantities of a commodity demanded to their various prices. That...
Meaning of a theory A theory is simply defined as follows:- “It is an organized body of...
Oligopoly is a market situation in which there are few producers of a commodity It is an...
It is use of goods and services that satisfy immediate human wants. It is the act of...
Saving is a part of income set aside or reserved for future use. It is a portion...
It refers to eagerness, keenness or much desire to save. It is the urge of individual to...
It is output per labour hour. That is, it is output per worker in an hour. It...
Middlemen (wholesalers and retailers) do encounter lots of problems in the course of the distribution of commodities...
The Role of Co-operatives in Distributive Trade A co-operative society is defined as a voluntary and business...
Definition of Distributive Trade This is also known as chain of distribution. It refers to the various...
Capital Formation or Accumulation Capital formation or capital accumulation refers to increasing a country’s stock of real...
National or public debt refers to the debt a country owes to its citizens or other countries...
A budget may be defined as a financial statement of the total estimated revenue and the proposed...
Taxation especially direct tax can be classified according to the following systems. These are: 1) Progressive tax:...
There are two major types of tax. These are direct tax and indirect tax. Direct Tax Direct...
Incidence of taxation refers to the point at which the tax burden finally rests. The burden here...
Taxation may be defined as the act or method of imposing a compulsory levy by the government...
Government expenditure refers to total expenses incurred by public authorities at all levels of administration (local, state...
Government (or Public) revenue may be defined as the total income that accrues to all levels of...
Fiscal policy may be defined as the use of income and expenditure instruments or policies to control...
Public Finance may simply be defined as the aspect of economics which deals with government revenue and...
The theory of demographic transition theory is the latest attempt made to provide a historical analysis into...
The Malthusian population theory is the outcome of an essay title “An Essay on Population” written in...
Devaluation may be defined as the reduction in the value of the country’s currency in terms of...
Definition of Balance of Payments Balance of payments may be defined as the relationship between the sum...
Stock exchange market is a highly organised market where investors can buy and sell existing securities like...
Capital market is a market for medium-term and long-term loans. The capital market serves the needs of...
Money market can be defined as a market for short-term loan. The market consists of institutions or...
The traditional financial institutions came into existence several years before the establishment of modern banking system in...
Insurance companies are financial institutions that are concerned with insurance. Insurance may be defined as a contract...
Mortgage banks are financial institutions that specialise in granting loans to individuals and corporate bodies for building...
Merchant banks are financial institutions which perform specialised functions, such as acceptance of bills of exchange, issuance...
Development banks are specialised financial institutions which provide long-term credit or loan to other enterprises for capital...
Bank clearing house is an institution established by member banks to simplify exchanging and obtaining of payments...
Central bank is the highest financial institution in a country which carries out the monetary policy of...
The Bill of Exchange Act defines a cheque as: “A bill of exchange drawn on a banker...
Banks can act as agent of lending by means of loan, overdraft and discounting bill of exchange....
There are three types of account which customers can open in a bank. These are current, deposit...
Financial institutions refer to all business organisations which hold money for individuals and institutions and may borrow...
Joint ventures or enterprises can be defined as those businesses in which private investors and governments are...
A co-operative society is defined as a voluntary business organisation in which a group of individuals with...
Public corporation, also known as public enterprise or statutory corporation, may be defined as a large scale...
A public limited liability company is defined as one which by its articles allows the public to...
A private limited liability company is defined as one which by its articles restricts the right to...
DEFINITION OF A COMPANY A company can be defined as a legal person or entity created by...
A partnership may be defined as a type of business organisation in which two to twenty persons...
Sole proprietorship may be defined as a form of business enterprise owned, financed and managed by one...
DIVISION OF LABOUR Division of labour is defined as the breaking down of a production process into...
Money is anything that is generally acceptable as a medium of exchange and in the settlement of...
