Difference Between Social Inequality and Social Stratification

Difference Between Social Inequality and Social Stratification_Social Stratification

Social Inequality vs Social Stratification   Although the concepts of social inequality and social stratification sound similar, there exists a clear difference between these two concepts. However, it is also important to point out that these are two interrelated processes in any society. First let us define these two concepts. Social inequality is when the […]

Difference Between Planned Economy and Market Economy

Planned Economy vs Market Economy

Planned Economy vs Market Economy   Though the aim of both planned economy and market economy are similar, the way the economic activities takes place in the economy contributes to the difference between them. Market economy and planned economy are two economic models that have the aim of making high productivity. Planned economy, as denoted by […]

Difference Between Buyer’s Market and Seller’s Market

Difference Between Buyer's Market and Seller's Market

Buyer’s Market vs Seller’s Market   As buyer’s markets and seller’s markets are terms that we often hear when referring to the real estate market, knowing the difference between buyer’s market and seller’s market is nothing but helpful. Markets undergo business cycles in which conditions such as interest rate fluctuations, inflation, economic growth, employment, etc. […]

Difference Between BOP and BOT

BOP vs BOT   Balance of payments (BOP) records a country’s total inflows and outflows of funds and assets to and from foreign countries and offers an overview of all international monetary transactions. The balance of payments provides a summary of all transactions during the year and offers a clear snapshot of the country’s financial […]

Difference Between Economics and Managerial Economics

Economics vs Managerial Economics   Economics is social science that is concerned with the production of goods and services, distribution and consumption of those goods and services, and transfer of wealth between entities within a country or across regions. The theory of economics in today’s world is a broad subject which is divided into microeconomics […]

Difference Between Robber Barons and Captains of Industry

Robber Barons vs Captains of Industry   The industrial revolution between the 1970s and 1980s brought forward a number of views of industrialism driven by leaders, businessman and entrepreneurs at the time known as industrialists. These many industrialists and financiers fall into one of either category; robber barons or captains of industry. Robber barons were […]

Difference Between Human Development and Economic Development

Human Development vs Economic Development   Economic development and human development are concepts that are related to one another in that they both measure a country’s overall development in terms of economic wealth and human welfare. While human development is very much focused on the wellbeing of people, economic development covers a wide spectrum of […]

Difference Between Poor and Poverty and Scarcity

Poor vs Poverty vs Scarcity   Poor, Poverty and Scarcity are all terms that refer to a situation in which a person’s necessities are left unfulfilled. Despite the similarities in their concepts there are a number of major factors that differentiate what defines being poor, being in poverty, and facing scarcity of resources. The following […]

Difference Between Deflation and Recession

Deflation vs Recession   Deflation and recession are both terms that are used to describe scenarios in which an economy experiences lower demand, low productivity, low output, low investment, higher unemployment and lower household income. A country’s central bank reduces interest rates as a measure to counteract deflation and recession. Despite their similarities, there are […]