Classification of Businesses
Types of Sectors Importance of Economic Sectors
Author: Yavish
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Business Activity
What is a business? It refers to an organisation that provides goods and services to satisfy human needs and wants. What…
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Full Employment and Unemployment
What is Full Employment? Also known as the natural rate of unemployment, it refers to a situation where all those people…
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Inflation
What is Inflation ? In the layman’s understanding, inflation signifies a situation that is characterized by an increasing trend in the…
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Economic Growth
What is Economic Growth? It refers to the increase in the productive capacity of an economy over time, commonly measured by…
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The Banking System
What is the Central Bank? It refers to the supreme bank of a country. It is owned by the government to…
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Money
The Barter System Before the introduction of money, goods and services were exchanged directly for other goods and services. As the…
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Stock Exchange
The stock exchange is a regulated and organised financial market where securities such as shares, debentures, and bonds are bought and…
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Trade Unions
What is a Trade Union ? A Trade Union is an organised association of workers formed to protect and promote their…
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Labour Markets and Wage Determination
What is Wage? Wage is a payment made to the factor of production labour, it is the amount earned that may…