Since the 18th century, the father of economics was the Scottish philosopher Adam Smith. We study economics to know more…
A traditional economy is an economic system where traditions and customs are determined by the way commerce and trade are performed. Just like any other economic procedure, it has its own share of advantages and disadvantages.
Shortages and scarcity are very common market situations that arise from a variety of reasons. Understanding the difference between these two concepts is important because it can help you analyze the economics and manage your resources better.
What are the Types of Dualities? What are the Laws of Duality? What is Duality Concept in Accounting? What is the Duality Concept in Financial Accounting?
What are the Factors of Production? What to produce is a Problem of Which Kind of Economy? What are the Steps to Create a New and Successful Product?
What are the Types of Real Account? What are the Examples of Nominal Account? Is Salary a Real Account? Is Capital Account a Real Account? Is Loan a Personal Account?
What are the Uses of Important Types of Maps? What is Data and Resource Map? What is the Purpose of Economic Resource Maps? What does a Political Map show? What is a Physical Map used for?
Who is called a Consumer? What’s an Example of a Consumer? What is a Producer’s Role? What are Examples of Producers? How can You compare Producer vs Consumer?
What is an Example of a Developed Country? What are the Characteristics of a Developed Country? What are the Main Features of a Developed Country? What are the Common Characteristics that the Developed Nations share?
What is the Maturity Period for Tax Exempt Bonds? What are Tax Exempt Bonds? What is the Interest Rate on Tax Exempt Bonds? Who can Issue Tax Exempt Bonds?
What is the Significance of Consumer Science? What are Career Opportunities after a Bachelor of Consumer Science? What are the Different Types of Consumers?
What is the Importance of Natural Resources? Why is a River Important? How do Rivers help Society? What is the Importance of Rivers in India?