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Introduction These days, chatbots are becoming an important part of many industries. This ranges from customer support to even content generation. With the help of ChatGPT which is developed by OpenAI, developers, and businesses now have access to a powerful tool. This can help them improve the various forms of communication with users. But to further improve the skills of ChatGPT and customize it to the various needs, all you have to do is install ChatGPT plugins. In this article, we will go through the top 10 ChatGPT plugins which are out there in the market and that you should ... Read More
Introduction: What is the Profit-Sharing Ratio? The term profit-sharing ratio is an essential factor in partnership firms. Profit-sharing is the ratio in which the firm's partners divide the profit from the business operation. The profit-sharing ratio is usually mentioned in the partnership deed of a business. As is evident, it is an important factor for every partnership firm. It is also notable that there must be a profit-sharing ratio which is followed by partners when a partnership firm earns profits. A partnership firm cannot exist without a profit- sharing ratio because in that case, the business’s profit cannot be ... Read More
Introduction: What is GDP? Gross Domestic Product or GDP is the monetary value of all goods and services produced in a nation within a specified period of time, typically one year. Calculation of GDP is prepared on all final and finished goods. This is done to avoid double entry. That is why the value of final goods contributes to the measurement of GDP. The value of GDP is usually measured yearly but in some instances, the value may be calculated quarterly as well. GDP is a comprehensive parameter to check the economic health of an economy. The value of GDP ... Read More
Things have started changing a lot in the Tech as well as the non-tech space as soon as ChatGPT was introduced to the world. This Generative AI language model which is built by OpenAI can do multiple tasks from writing essays to even writing and debugging code, or even acting as a consultant. So, no wonder that we can do multiple stuff using this Generative AI model to make money out of it. In this article, we will go through various ways to earn money using ChatGPT. Cost of Using ChatGPT The basic version of ChatGPT is currently free to ... Read More
What is the meaning of Government Deficit? Usually, in most cases, a government’s expenditure is not equal to its earnings. This creates a gap between earnings and expenses. When the spending of the government exceeds income through revenues, a government deficit occurs. In other words, the government deficit is the amount that shows the gap between earnings and expenditure. A government deficit is an indicator of the ‘ill health’ of an economy because it shows the expenses that have not been met by the government. Therefore, governments take many remedial steps to minimize the gap between earnings and expenses. Some ... Read More
Introduction: What are Inferior Goods? Inferior goods refer to items that have a negative elastic relationship with demand and wages. When income increases, people tend to buy less of inferior goods. On the other hand, when income decreases, people tend to buy more inferior goods. One notable aspect that must be considered here is that inferior goods do not imply that the quality of the good is inferior. It just shows the goods’ level of demand when wages fluctuate. When the economy is in good shape and income increases, people buy fewer inferior goods but when the economy is ... Read More
Introduction Exchange rate refers to the value of a currency when it is compared to another currency. That means the exchange rate shows how much local currency would be required to buy a certain amount of another currency. Usually, the comparison of local currency is done with US dollars. There are two types of exchange rate systems − Fixed and Flexible. In the case of a fixed exchange rate system, the government or the central bank interferes to keep the value of currency fixed. On the other hand, in the case of a flexible exchange rate system, the supply and ... Read More
Introduction: What is Goodwill in Finance? Goodwill refers to the reputation a firm builds over time. It is associated with a company’s brand value, functional consumer association, palpable consumer base, outstanding employee association, and any other patent or proprietary technology the company has. Goodwill is an intangible asset as it cannot be seen or touched but it has a real value and its contribution to the company’s overall value is outstanding. Thus, goodwill has a given value and it can be bought or sold depending on its value in a particular market. The importance of goodwill can be understood from ... Read More
Introduction: What is Reconstitution of a Partnership Firm? Partnership firms are one of the most popular and oldest forms of business. In these firms, individuals may have different ownership or profit (and loss) sharing ratios. A partnership firm runs according to a formal document known as a partnership deed. The partnership deed records all necessary legal policies for running the firm. However, in certain instances, the partnership ratios may need to be restructured. This restructuring leads to a change in the partnership deed. Although partnership restructures often refer to changes in profit-sharing ratios, there may also be other formal ... Read More
Introduction: What is National Income? National income is the total monetary value of products and services produced by a country in a given period of time. In other words, national income shows the income from all factors generated in a given production year. Therefore, by the term national income, we mean the total income of a country in a year. The national income of a country can be calculated in three ways. The income method relies on the earnings generated through factors such as land and labor. The expenditure method is based on the government’s investments and consumptions. In contrast, ... Read More