Economics

Promising Solutions of the Energy Crisis

Promising Solutions of the Energy Crisis

Promising Solutions of the Energy Crisis An energy crisis is any significant bottleneck in the supply of energy resources to an economy. In popular literature, it often refers to one of the energy sources used at a certain time and place, in particular those that supply national electricity grids.....

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Energy Crisis: Definition and Causes

Energy Crisis: Definition and Causes

Energy crisis An energy crisis is a society-wide economic problem caused by a constricted supply of energy, leading to diminished availability and increased price to consumers. The energy crisis is the concern that the world’s demands on the limited natural resources that are used to power indu.....

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Scarcity in Economics

Scarcity in Economics

Scarcity in Economics Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as ma.....

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Concept of Economics

Concept of Economics

Concept of Economics Economics is the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. It is a social science which studies and explains human behavior. But economics is a new social science as compared to other s.....

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Difference between Budgetary Control and Standard Costing

Difference between Budgetary Control and Standard Costing

Difference between Budgetary Control and Standard Costing Standard Costing is a cost accounting system, in which performance is measured by comparing the actual and standard costs. Although budgetary control and standard costing both are based on some common principles; both are pre-determined, c.....

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Disadvantages of Standard Costing System

Disadvantages of Standard Costing System

In accounting, a standard costing system is a tool for planning budgets, managing and controlling costs, and evaluating cost management performance. Standard costing is an important subtopic of cost accounting. Standard costs are usually associated with a manufacturing company’s costs of direct.....

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Standard Costs Definition with Types

Standard Costs Definition with Types

Standard costs are also known as predetermined costs in terms of money, quantity or time as the basis of standard costing. They are used as target costs (or basis for comparison with the actual costs), and are developed from historical data analysis or from time and motion studies. Standard costs.....

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Standard Costs explanation with Types

Standard Costs explanation with Types

Standard Costs explanation with Types Standard costs are also known as predetermined costs in terms of money, quantity or time as the basis of standard costing. Standard costs are target costs, which should be attained and can be considered as a measuring rod or norms for performance evaluation. .....

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Concept of Variance Analysis and Types of Variances

Concept of Variance Analysis and Types of Variances

Concept of Variance Analysis and Types of Variances The terms variance refers to the deviation of the actual costs from the standard costs due to various causes. In accounting, a variance is the difference between an expected or planned amount and an actual amount. For example, a variance can occ.....

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Sales Value Added Tax

Sales Value Added Tax

Sales Value Added Tax Value added tax in short known as VAT. A value added tax (VAT) is a consumption tax added to a product’s sales price. It represents a tax on the “value added” to the product throughout its production process. It is a type of consumption tax that is placed o.....

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Concept of Elasticity of Demand

Concept of Elasticity of Demand

Concept of Elasticity of Demand The concept of elasticity of demand was first introduced by the classical economists Cournot and J.S Mill. Later on, new classical economist Alfred marshal developed it in the scientific way. Demand elasticity refers to how sensitive the demand for a good is to cha.....

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Types of Price Elasticity of Demand

Types of Price Elasticity of Demand

Types of Price Elasticity of Demand Price elasticity of demand is a term in economics often used when discussing price sensitivity. In other words, the price elasticity of demand is defined as the ‘ratio of percentage change in the quantity demanded to the percentage change in price. There are.....

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