Limitations Of The Law Of Substitution
Limitations Of The Law Of Substitution The law of substitution has several limitations as follows:1. Ignorance Of ConsumerIf the consumer is ignorant or blindly follows custom or fashion, he will…
Significance Of The Law Of Substitution
Significance Of The Law Of Substitution The law of substitution is of great practical importance in economics which are given below:1. Basis Of ConsumptionConsumer is assumed to be rational. He…
Concept Of The Law Of Substitution
Concept Of The Law Of Substitution Law Of SubstitutionThe law of substitution is also known as the law of equi-marginal utility or the law of maximum satisfaction. This law was…
Concept Of Consumer’s Surplus
Concept Of Consumer's Surplus The concept of consumer's surplus is one of the most important idea in economic theory especially in demand and welfare law was first developed by French…
Criticisms Of Consumer’s Surplus
Criticisms Of Consumer's Surplus The concept of consumer's surplus has been criticized on several grounds as follows:1. ImaginaryThe concept of consumer's surplus is a purely imaginary idea. We just imagine what…
Difference Between Cost Accounting And Management Accounting
Difference Between Cost Accounting And Management Accounting Major differences between cost accounting and management accounting are as follows:1. MeaningCost Accounting: Process of collecting, tracking, analyzing and ascertaining the cost of…
Objectives Of Cost Accounting
Objectives Of Cost Accounting Main objectives of cost accounting can be described as follows:1. Ascertainment Of CostThis is the key objective of cost accounting to track and analyze the per…
Problems Faced By Women Entrepreneurs
Problems Faced By Women Entrepreneurs Women entrepreneurs have to face the following Problems:1. Lack Of Adequate CapitalGenerally, women entrepreneurs use their savings and personal property to start a new venture.…
Functions Of Women Entrepreneurs
Functions Of Women Entrepreneurs Following Functions Are Performed By Women Entrepreneurs1. Creating New VentureWomen entrepreneurs identify the opportunities, evaluate them and select the best opportunity. They convert the opportunity into…
Difference Between Entrepreneur And Intrapreneur
Difference Between Entrepreneur And Intrapreneur The differences between entrepreneur and intrapreneur are as follows:1. DependencyEntrepreneur: He is fully independent. He does not work for others and his own boss. Intrapreneur: He…
Marketing: Meaning And Features
Marketing: Meaning And Features Concept And Meaning Of MarketingLet's try to understand the meaning of marketing with the help of some definitions by different scholars and Concept Of MarketingDefinition Of…
Difference Between Systematic Risk And Unsystematic Risk
Difference Between Systematic Risk And Unsystematic Risk Major differences between systematic and unsystematic risk are described as follows:1. MeaningSystematic Risk: It is a part of total market risk which arises…