Definition of Economics Economics is the social science that studies the production, distribution, consumption, and exchange of goods and services. It examines how individuals, businesses, governments, and other organizations make choices about how to allocate resources to meet their goals and objectives. Economics is divided into two main branches: microeconomics, which focuses on the behavior … Read more
The ability to apply any knowledge accurately, fluently, honestly, and with present observation is called intelligence. intelligence can express complex matters in simple words. An intelligent person can understand a phenomenon very quickly or find a solution to a problem easily. People who are intelligent understand problems easily and want to solve them by applying … Read more
Generally, the medium of exchange is called money. Money is a universally accepted medium of exchange for the purchase and sale of goods and services, as well as the completion of all types of transactions. So it can be said that the thing acceptable to all as a medium of exchange and a means of … Read more
Risk is the uncertainty of expected future events. Risk arises from uncertainty. There is a difference between risk and uncertainty. First, all uncertainty is not risk. Uncertainty cannot be measured, whereas risk can be measured. Uncertainty is the fear of something unexpected happening. The portion of uncertainty that can be measured is called risk. Difference … Read more
Development is the overall improvement of economic, social, and political conditions. It is not limited to specific regions and times. The concept of development varies from region to region over time. Economists have contributed the most to the discussion of the concept of development. They have provided the concept of development from an economic perspective. … Read more
When a group of people lives together for a common purpose is called a society. Society is an abstract concept. It has no definite boundaries. Society can be small and big. Some features of the society – unity and cooperation, dependence, interaction, similarity-contrast, etc. Society gives a better and safer social life by meeting the … Read more
Culture is the sum of human life, values, beliefs, language system, communication, and behavior. Although culture is a complex concept, it affects every aspect of our lives, both consciously and subconsciously. Culture can be defined as a form of human life. For example, a culture is formed by combining how people in a particular region … Read more
Vision is a permanent or long-term goal, the fulfillment of which is a series of short-term missions. In a word, vision is a goal, and mission is a step towards achieving that goal. Vision is the personal dream, hope, or aspiration of entrepreneurs, which they want to achieve by building an organization. Definition of Vision … Read more
A mission is an overall goal of an organization that provides a guideline for all management levels and a guideline for decision making. A great mission is a fundamental element of good strategy because it helps define the core purpose of your organization. Definition of Mission By Different Authors According to Ackoff (1999, p. 83), … Read more
Statistics is the science of numbers. The English word Statistics originates from the Italian word “Statista” or the Latin word “Status”. Statistics is about creating information about any number-based information by searching and recording it. In other words, statistics is the scientific method of collecting, analyzing, and interpreting numerical data. Definition of statistics by different … Read more
