Meaning of Capitalistic System Capitalism stands for an economic order in which the instruments of production (Land, Labour, Capital and Organization) are owned and controlled privately and production
3 Important factors determining National Income There are a number of influences which determine the size of the national income in a country. It is on account of
Features of Perfect Competition in Economics In Economics, the following are the most important features of a Perfect Competition. Large number of buyers and Sellers. Homogeneous Product. Free
Study of Economics – Importance and Significance No subject of the present day is so important as economics. Economics governs the life of the individual, Society and the
Divisions of Economics Based on the subject-matter, Economics can be divided into Consumption, Production, Exchange, Distribution and Public Finance. They are briefly explained below. 1. Consumption Since the
Characteristics of Business Cycle The business cycle occurs periodically in a wave-like fashion with varying magnitude affecting not only the entire economy of the country but also making
In the production scene of India, Cost control is a far fetched dream due to variety of reasons. Indian economy is one of scarcity, rising prices, shortages, labour
What is a Nominal Wage? Nominal Wages refer to the wages paid in terms of money. This can be called money wages. The remuneration received by labour in
Definition and Meaning of Inflation Everyone is familiar with the term Inflation as rising prices. This means the same thing as fall in the value of money. Inflation
What is Speculation? By speculation is meant the purchase or sale of anything in the hope of profit from anticipated change in price. The essence of speculation lies
