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The Bharatiya Nyaya Sanhita (BNS) Bill that was primarily introduced on 11th of August, 2023, finally became full-fledged law, as the President signed (the bill) on 25th of December, 2023. The BNS, which is thoroughly revised form of existing Indian Penal Code of 1860, has deleted some of the non-relevant provisions, some provisions amended, and as per the requirements of the present society, some (entirely) new provisions are also inserted. Sections in Bharatiya Nyaya Sanhita that were Not Present in the Indian Penal Code The Bharatiya Nyaya Sanhita, 2023, included some new sections, which address contemporary challenges ... Read More
Introduction: What is a market? A market is a place where buyers and sellers can exchange items for a price. There are two types of markets, physical markets such as those containing retail stores, and virtual markets such as online stores. In the case of virtual markets, no physical interaction between the buyers and sellers takes place while in the case of physical markets, the buyers and sellers have interactions. Economic transactions should take place in the marketplace for a place to be called a market. Transactions may be of various types and may include goods, services, currency, or information ... Read More
Introduction It is important to look at the theoretical implications of market equilibrium when the number of firms is fixed in a market. Although it is a hypothetical situation, the findings from the theory are applicable in real life. That is why looking at the findings of the situations when a number of firms are fixed in the market is indispensable for understanding the outcomes of real-life markets. This tutorial discusses the propositions of market equilibrium when the number of firms is fixed. What is Market equilibrium? Market equilibrium is a market condition where the market's demand and supply balance ... Read More
Introduction: What is Supply? Supply is the number of goods and services a producer or supplier is willing and able to bring to a market for a given price. The amount of supply is dependent upon the availability of stocks and the determiners of supply who drive it in the market. In other words, supply is governed by demand. Ideally, it is the consumers who determine if more supply is required in a market through their ability and willingness to purchase more of a product. This is known as the demand of a market. When there is equality between ... Read More
Introduction: What is Poverty? Poverty is a social, economic, and political situation where people face scarcity of some urgent resources such as money and other material things. Poverty is a debilitating condition for both individuals who live as poor and the economies that have them. Poverty is directly related to unfavorable conditions such as malnutrition and other problems in healthcare. Poverty also causes many social evils because the poor may be incited to get involved in anti-social activities. The term poverty is derived from the French word ‘poverte’ which means poor. According to an estimate, nearly 2 million people turned ... Read More
The majority of developers and designers employed various methods to produce responsive and flexible layouts prior to the release of the Flexbox layout concept. These methods consist of tables, and floats. Although one can still use these methods, most designers now use the Flexbox model. Users can arrange and organize their webpages either vertically or horizontally with CSS flexbox, which results in visually attractive and easily navigable websites. Flexbox is actually a CSS layout module rather than just a property. In this article we are going to learn about how to avoid wrapping flex items with CSS, this can be ... Read More
Introduction: What is Sustainable Development? Sustainable development is a very important topic in modern economics. Sustainable development refers to present economic development without harming the economic resources and growth of future generations. Often, the word sustainability is used to define sustainable development. It means that we must not compromise the ability of future generations to meet their expectations in terms of economic resources for our own goals in the present. In other words, sustainability is the responsibility we must show for keeping future resources intact while continuing our generation’s economic growth. The notable factor in sustainable development is that ... Read More
Introduction: What are Index Numbers? The nature of variables to changes over a period of time, and index numbers are statistical devices to measure such changes. Usually, the variables in a statistical calculation diverge following a general trend. Index numbers represent this trend of diversion. The index numbers measure an average diversion in the group of related variables over at least two different situations. In general, index numbers are used to make a comparison of two variables. The subject of variables may be schools, persons, hospitals, etc. These numbers also measure the change in the valuations of variables, such ... Read More
Introduction: What are Not-for-Profit Organizations? Not-for-profit organizations are entities made for special interests and they do not seek to earn profits from their activities. Not-for-profit organizations do not charge profits for distributions among their members and hence it is a unique type of business, learning which is knowledgeable and important for all who want to have a good grasp of economics. Not-for-profit organizations may or may not work for social causes. Non-profit organizations may earn a profit but it is used for development and promotional activities. This is also applicable to not-for-profit organizations. A notable similarity between non-profit and not-for-profit ... Read More
Introduction: What is the Economic Environment? Businesses are impacted by various internal and external factors that affect their financial performance. The combination of all large-scale (macro) and small-scale (micro) economic factors are known as the economic environment. The economic environment is an essential indicator of businesses’ performance and is hence important to study. In simpler words, the economic environment is the combination of various economic functions that may affect the profitability and performance of a company over a certain period of time. These factors depend on the nature of the business of a company. For example, the weather is a ... Read More