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What is Price Elasticity of Demand? Price elasticity of demand shows what happens to price when the demand for a product changes. It is obvious that demand and prices are related to each other. When the price increases, usually, the demand for the product goes down. Alternatively, when the price of demand for a product goes up, the price shall come down. This means that price and demand have an inverse relationship. When there is a rise in one of the factors, the other factor goes down. When this inverse relationship holds good, the product is said to have price ... Read More
What is Marginal Revenue? The increased revenue obtained from an additional unit’s sale of a product is called marginal revenue. The word marginal always expresses something extra; so in the case of revenue, it shows the extra revenue generated. Marginal revenue follows the law of diminishing returns. According to the law, the output slows down with a gradual increase in inputs. In the case of a perfectly competitive business, marginal revenue means to continue to produce output up to the point when marginal revenue equals the marginal cost. Example Suppose company ABC produces pens at the rate of Rs ... Read More
What is a Demand Curve? The demand curve is a graph that shows the relationship between the price of and the demand for a commodity in the market. The price of the good is usually shown on Y-axis while the demand for the product is placed on the X-axis. This price-quantity relationship can be shown for both individual customers and the markets. When the graph is plotted for the individuals it is called an individual demand curve while when the graph depicts the market condition it is called a market demand curve. Demand curves usually slope downwards because, with ... Read More
Introduction: What is a Market? A market is a place where buyers and sellers can meet to exchange items. There are physical markets such as those containing retail stores and virtual markets such as online stores. In the case of virtual markets, there is no physical interaction between the buyers and sellers. However, in physical markets, the buyers and sellers have interactions. Transactions in a marketplace. may include goods, services, currency, or information apart from any other combination of any of these items. Things should pass from one person to another in a market. There is a need for a ... Read More
Introduction: What is a Market Economy? A market economy is a type of economy where demand and supply control the marketplace. In a market economy, there is minimal government intervention whereas the price and quantity of goods are determined by the demand and supply of products in the market. A market economy encourages entrepreneurship and drives competition and innovation in the economic system which leads to consumer satisfaction and production efficiency. Market economies are also known as free markets where government intervention is minimal to moderate. Businesses in a free market are free to take decisions regarding the price ... Read More
Introduction Business organizations, particularly partnership businesses where partners retire or new partners are introduced need to revalue the assets and liabilities from time to time. Business organizations need to revalue their assets and reassess their liabilities from time to time because, with the passage of time, the values of assets and liabilities may change. This is particularly the case in partnership businesses where partners retire or new partners are introduced. Whenever the profit-sharing ratio in a partnership firm changes, the firm needs to value its assets and reassess the liabilities to remain up to date in terms of the current ... Read More
Introduction Small-scale industries play a very important role in developing the economy of a nation. The small-scale industry in India generates employment, reducing poverty and unemployment which are considered social evils. The small-scale industry is responsible for the rural and urban growth of the economy. The small-scale industries also play a key role in increasing manufacturing and infrastructure which leads to further development of the economy. Moreover, small- scale industries help the economy grow without producing pollution and help reduce slum areas by providing jobs to the slum residents. Therefore, we can say that small- scale industries are largely responsible ... Read More
Introduction Debit and credit are indispensable tools in accounting. Without debit and credit, accounting will be a big mess. Every accountant knows this. In keeping the records of business, therefore, debit and credit play a very important role. However, understanding the two terms and how to use them is not quite easy. Non-accounting professionals often get miffed by these two terms and which one to use while expressing a certain activity in accounting. Financial statements are divided into the following accounts − Assets Expenses Liabilities Equity, and Revenue This article discusses how debit and credit is applied to ... Read More
Introduction Rural credit is an extremely important step in financing agriculture, which is a major resource for generating food for millions of citizens. Many farmers in rural areas are unable to bear the burden of farming by themselves and they need assistance from either banks or the government. Rural credit, when provided to the right people, makes farming easier for the underprivileged farmers and artisans who reside in rural locations of the country. What is Rural Credit? India’s rural population is mostly engaged in agriculture. The people who are involved in agriculture need financial assistance to harvest crops. The ... Read More
What is Sacrificing Ratio? The term "sacrificing ratio" is used in partnership firms. Sacrificing ratio is the ratio in which the partners decide to share the losses when one of the partners of the firm dies or retires from the business. Sacrificing ratio is used to distribute the losses among the remaining partners when a partner goes out of the partnership firm. Usually, the assets and liabilities of the partnership firms need to be reassessed when one partner leaves the business. This results in either gain or loss. This is where the sacrificing ratio comes into play. The sacrificing ... Read More