Poverty vs Inequality Poverty and inequality are concepts very much related to one another in that they refer to a situation in which people do not have the ability to fulfill all their needs and wants. While poverty refers to a lack of funds where people are merely trying to survive, inequality is a […]
Difference Between Hayek and Keynes
Hayek vs Keynes Hayek economic theory and Keynesian economic theory are both schools of thought that employ different approaches to defining economic concepts. Hayek economics was founded by famous economist Friedrich August von Hayek. Keynesian economics was founded by economist John Maynard Keynes. The two schools of economic theory are quite different to each […]
Difference Between Short Run and Long Run
Short Run vs Long Run Short run and long run are concepts that are found in the study of economics. While they may sound relatively simple, one must not confuse ‘short run’ and ‘long run’ with the terms ‘short term’ and ‘long term.’ Short run and long run do not refer to periods of […]
Difference Between Total Utility and Marginal Utility
Total Utility vs Marginal Utility Utility is a term in economics used to describe satisfaction and fulfillment that a consumer derives from consuming a particular product or service. Total utility and marginal utility are two concepts that need to be discussed in order to understand fully how a consumer derives satisfaction by consuming the […]
Difference Between Nominal and Real Exchange Rate
Nominal vs Real Exchange Rate Nominal exchange rate and real exchange rate show the rate at which one currency can be purchased for another. Nominal exchange rates are the rates that are displayed at banks and money changers. Real exchange rates are a bit more complicated and show how many times an item of […]
Difference Between Aggregate Demand and Demand
Aggregate Demand vs Demand Aggregate demand and demand are concepts that are closely related to one another. Both aggregate demand and demand represent the main differences between the study of macroeconomics and microeconomics. While microeconomics is concerned with the demand for certain individual goods and services, macroeconomics is concerned with the total demand of […]
Difference Between Movement and Shift in Demand Curve
Movement vs Shift in Demand Curve Movement along the demand curve and shift in the demand curve are concepts that are closely studied in economics when discussing the forces of demand and supply. The demand curve illustrates the total quantity demand for a product at varying prices. The movement along the demand curve and […]
Difference Between Middle Class and Working Class
Middle Class vs Working Class Middle class and working class are two groups of people who are in different levels of the social hierarchy due to their differing levels of education, values, lifestyles, jobs, and social grouping. The middle class is between the upper class and working class and the working class is just […]
Difference Between Cartel and Monopoly
Cartel vs Monopoly A free market economy is an economy in which all firms will have equal opportunities for fair trade of goods and services. Such economies experience higher competition within their various industries which result in better quality products and lower prices. However, there are instances in which market places do not experience […]
Difference Between Money and Currency
Money vs Currency Money and currency are two terms that are so closely related to one another that there almost seems to be no difference between the two. Many have confused the fact that money and currency refer to the same thing, and are, therefore, used interchangeably in many contexts. There are, however, a […]
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