Introduction: What is Market Equilibrium? Market equilibrium is a condition of the market where the demand and supply balance each other. Usually, during times of over-supply, the prices go down which increases the demand. In the case of over-demand, the prices increase which diminishes the demand. The equilibrium price ... Read More

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 ... Read More

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 ... Read More

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, ... Read More

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 ... Read More

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 ... Read More

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, ... Read More

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 ... Read More

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 ... Read More