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Articles by Bitopi Kaashyap
Page 7 of 7
Meaning and Functions of Economic Environment
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 MoreMeaning and Types of Economic System
Meaning of Economic System An economic system is the set of regulations that governments or societies exert to control and distribute various resources, goods, services, etc. in a given geographical location or a country. Economic systems have defined uses of economic resources, land, labor, capital, and physical resources, such as machinery and technology. An economic system is a complex structure containing various agencies, entities, governing bodies, and economic resources. There are numerous types of economic systems depending on the nature of control of the economy. Therefore, economic systems are the establishments that show the actual nature of the economy ...
Read MoreMeaning and Impact of Human Capital on Economic Growth
Introduction: What is Human Capital? Human capital refers to the economic values of quality and ability of labor that impact productivity. In other words, human capital means the stock of skills, expertise, abilities, and knowledge in a country at a certain point in time. Usually, human capital is concerned with the intangible assets and qualities of human beings that improve individual performance and benefit the economy. Investment is needed in human capital to produce more human capital. Nations rely on human capital for the improvement of the economy and the creation of more human capital. There should be enough availability ...
Read MoreMeaning and Objectives of Classification of Data
What is meant by the Classification of Data? Classification of data refers to organizing data into various relevant categories for simplicity and ease while using them. In economics and statistics, one has to often come across data categories that have their own properties. When data is organized depending on the properties of these categories, it is called data classification. Data classification helps in analysis and research. Data classification helps to find out and retrieve data quickly. It is useful in the sense of security, risk management, and compliance with various entities. Classification of data also means tagging it so that ...
Read MoreMeasuring Central Tendency: Mode, Median, Mean
Introduction The measure of central tendency, also know as measures of center or central location, refers to a measure of summary that tries to represent the whole data set with a single value that shows the center value of the distribution. Three key measures of central tendency are recognized, namely, the mode, median, and mean. Each of these values shows a different indication of the central value of the distribution. The Mode The value that most commonly occurs in a distribution is the Mode. Considering the age of 11 players who are selected for a certain competition. 16, 16, 16, ...
Read MoreMeaning and Reasons for International Trade
Introduction Global trade is advantageous for wealthy countries as they can use more of their resources, such as technology, capital, and labor, more efficiently than other countries. Different countries have different assets and natural resources which let them have a market internationally because they can sell their items cheaper than in the home market. Before learning about international trade, let us first try to understand what are imports and exports, as these two are inseparable parts of international trade. In trade, when one country buys products from the international marketplace is called import. On the other hand, when a ...
Read MoreMeaning of Demand and Factors Affecting Demand
What is Demand? Demand refers to a consumer's desire and ability to buy a product. This is known as individual demand. If all individual demands of a market are added together, then we get the market demand. Although these two are the most important and popular forms of demand, there are other types of demand too. Demand is the most basic tool in economics that is central to the idea of economics as a whole. Without demand, the markets will stop functioning, and hence, we won’t be able to run our societies. Demand is regulated by two laws, namely, the ...
Read MoreMeaning of Economic and Non-Economic Activities
Introduction Economic activities are at the core for an economy to survive. Categorizing economic and non-economic activities requires judging their objectives. Whirl economic activities have an economic return in mind, in the case of non-economic activities, no economic return is applicable. This tutorial discusses what economic and non-economic activities are, their characteristics, sectors of economic activities, and examples of some non- economic activities. What are Economic Activities? Economic activities are activities that are done for earning money and grow wealth. These activities are related to the production, distribution, and consumption of commodities and goods. Economic activities are performed with a ...
Read MoreMeaning of Rural Development
Introduction: What is Rural Area? According to the planning commission of India, a rural place is a region where the maximum population does not exceed 15, 000. Another definition of a rural area is where the population density is a maximum of 400 people per square kilometer. These places there fall in the realms of tier 3 to tier 6 cities in India. In India, rural areas are governed by panchayats and they lack a municipal board. Therefore, in simple words, rural areas are villages and countryside areas that lack a modern governance system. As most of the geographical area ...
Read MoreNature and Types of Small Business
What are Small Businesses? Businesses that need less investment, labor, and work within a specified area are called small businesses. These businesses usually need an investment of a maximum of one crore. Small businesses operate locally and may be involved in manufacturing products that are sold and have a demand in the local market. Small businesses usually have fewer than 500 employees; since these businesses have access to fewer resources, they can ask for government support. Small businesses often have only one owner. However, there are small businesses that operate on a partnership basis. Small businesses are also known as ...
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