Command Economy vs Market Economy The economy can be seen as anything and everything related to production and consumption of goods and services in a country or an area. The field of study that talks about the economy is economics. The main areas of economics are micro economics and Macro economics. There are mainly three […]
Difference Between Project and Program
Project vs Program One question that troubles many is the difference between a program and project. Whether he is given a program or a project does not mean much to a layman, but to a manager, it means a lot as both entail different functions and responsibilities that will be clear only when the differences […]
Difference Between FOB and FCA
FOB vs FCA In international trade, buyers and sellers enter into agreement beforehand so as to avoid any confusion once the process of transportation of goods has started. The agreements or contracts are of several types that are given a generic name Incoterms, which are applicable on all international trade. These acronyms define terms of […]
Difference Between FOB and CIF
FOB vs CIF FOB and CIF are International Commercial terms, or Incoterms, as they are popularly known. There are lots of acronyms, all 3 lettered, and having a predefined meaning that is easily understood by both buyers and sellers in international trade. In fact, Incoterms is a registered trademark of the International Chamber of Commerce. […]
Difference Between Client and Customer
Client vs Customer Ever wondered why a doctor and a lawyer have only clients, whereas retail shopkeepers, irrespective of items they are selling get customers and not clients? This is a puzzling dichotomy, and what really are the differences between customers and clients. There are people who think that the words are synonyms and can be […]
Difference Between Public and Private Procurement
Public vs Private Procurement When we talk about public and private sectors, we know that we are talking about two different entities that have different work ethics, different roles and responsibilities in the economy, and different work parameters. In case of public enterprises, the first and foremost objective is not profit, but public good. On […]
Difference Between Normal Goods and Inferior Goods
Normal Goods vs Inferior Goods What could be Normal and Inferior goods? The names are in themselves very confusing and suggestive of something that is of weaker quality. Thankfully, these are terms used by only economists and not by common people. Goods or items used by us are classified by economists based upon our behavior. […]
Difference Between Cost Centre and Cost Unit
Cost Centre vs Cost Unit Cost center and cost unit are two concepts that sound similar, and are thus, very confusing to those outside an organization. These are terms that are applied mostly in terms of a business environment where cost and profit are involved. What makes it more confusing is the similarity of cost […]
Difference Between Code of Ethics and Code of Conduct
Code of Ethics vs Code of Conduct Of late, there has been a lot of talk about codes of ethics and codes of conduct. As their names suggest, codes of ethics have a weighing upon decisions made by individuals and companies, whereas codes of conduct have a bearing upon actions taken by individuals as well […]
Difference Between Association and Institution
Association vs Institution The words association and institution are so commonplace that we hardly pay attention to them. There are some who feel that these are synonyms to be used interchangeably, though it is not the case. Despite many similarities, there are many differences between associations and institutions that shall be discussed in this article. […]
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