Elastic vs Inelastic Elastic and inelastic are both economic concepts used to describe changes in the buyer’s and supplier’s behavior in relation to changes in price. Similar in meaning to the expansion of a rubber band, elastic refers to changes in demand/supply that can occur with the slightest price change and inelastic is when […]
Difference Between Commodity Money and Fiat Money
Commodity Money vs Fiat Money Both commodity money and fiat money can be used in the payment of goods and services, even though commodity money was used years ago in a system known as the barter system (trade using commodities instead of currency). Since commodity money derives its value from what it is made […]
Difference Between Perfect Competition and Monopolistic Competition
Perfect Competition vs Monopolistic Competition Perfect and monopolistic competitions are both forms of market situations that describe the levels of competition within a market structure. Perfect competition and monopolistic competition are different to each other in that they describe completely different market scenarios that involve differences in prices, levels of competition, number of market […]
Difference Between Tariff and Quota
Tariff vs Quota We keep on hearing words like tariffs and import quotas every now and them in the news. The words are important for manufacturers inside a country as these measures help them establish themselves and protect against foreign products that may be cheaper or better quality. Because these financial tools are used […]
Difference Between Industry and Sector
Industry vs Sector The difference between industry and sector has its base on the scope of the economy covered by each term. Industry and sector are words that are commonly used to refer to companies involved in same or similar business in the economy of a country. However, these are words that denote different […]
Difference Between Accounting Profit and Economic Profit
Accounting Profit vs Economic Profit Profit, as known to many of us is the excess of income over the expenses incurred. When a sole trader sells a pair of shoes for $10 that cost $3 to produce, many would say that he earned a profit of $7. However, this may not be the case […]
Difference Between Exchange Rate and Interest Rate
Exchange Rate vs Interest Rate Exchange rates and interest rates are both equally important in determining a country’s economic growth, inflation, levels of foreign trade, and other economic determinants. Exchange rates and interest rates are closely related, yet in no way they represent the same thing. These two very different concepts will be clearly explained […]
Difference Between Economics and Commerce
Economics vs Commerce Economist is concerned with the economic system and its operation in the country; whereas, the transfer of the results of production from producer to the consumer would be the key concern in commerce. Commerce has been part of history. From trading using barter system to selling and buying using currency, the activity […]
Difference Between Economies of Scale and Economies of Scope
Economies of Scale vs Economies of Scope Both economies of scale and economies of scope are conceptually the same, and the nature of these two can change the structure of the competition in the industry over a time, as well as the profitability of supplying to consumers. They both provide companies ways of increasing the […]
Difference Between Market Economy and Mixed Economy
Market Economy vs Mixed Economy Ever wondered why in some markets the businesses do well as opposed to the other, where strict government regulation and intervention prevents these? United States has a mixed economy because they have both private owned companies and government playing key role in the market. Market Economy Market Economy as per […]
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