Difference Between Content, It seems like your question might be cut off, and I’m not sure what specific differences you are asking about. Could you please provide more context or clarify your question? So that I can better assist you? “Content” is a broad term that can refer to various things. Such as content in the context of media, digital marketing, or even academic content. So a bit more information would be helpful.
Average and Super Profits; The valuation of goodwill depends upon assumptions made by the valuer. Meaning; The average profit is the average of the profits in the past few years; Or, super profit is an excess of average profit over normal profit.This article explains the difference between Average and Super profit;Methods to adopt in the valuation of goodwill would depend on the circumstances of each case and are often based on the customs of the trade.
The distinction/difference between Average profit and Super profit.
Methods of Goodwill Valuation; Goodwill is the value of the reputation of a firm built over time concerning the expected future profits over and above the normal profits. Also, Goodwill is an intangible real asset which cannot see or felt but exists in reality and can buy and sell. In partnership, goodwill valuation is very important. Thus, we will here discuss the various methods of Goodwill Valuation.
The various methods that can adapt to the valuation of goodwill are the following:
Average Profit Method.
Super Profit Method.
Now, explain each one;
Average Profit:
Average profit is the average of all the agreed profits of past years. It calculates by dividing the total profits by the number of years. This is the most common method of calculating goodwill.
Average Profits = Total Profits/Number of years
A buyer always wants to estimate the future profits of the business. Also, Future profits always depend upon the performance of the business in the past. Past profits indicate what profits are likely to accrue in the future. Therefore, past profits are averaged.
The first step under this method is the calculation of average profit based on the past few years’ profits. As well as, Past profit adjust in respect of any abnormal items of profit or loss which may affect future profit. Also, Average profit may be based on a simple average or weighted average.
If profits are constant, equal weight-age may give in calculating the average profits i.e., the simple average may calculate. However, if the trend shows increasing or decreasing profit, it is necessary to give more weight-age to the profits of recent years.
Types of Average Profits Method:
Simple Average: Under this method, the goodwill values at the agreed number of years of the purchase of the average profits of the past years.
Simple Average: Under this method, the goodwill values at the agreed number of years of the purchase of the average profits of the past years.
Super Profit:
This Profit is the excess of average profit over the normal profit. It shows the exceptional ability of the firm to earn more profits in comparison to other firms in the industry.
Super Profits = Actual Profits – Normal Profits
It calculates by deducting the normal profits from average profits. Super profit is the excess of estimated future maintainable profits over normal profits. Super profit represents the difference between the average profit earned by the business and the normal profit i.e., the firm’s anticipated excess earnings. As such, if there is no anticipated excess earning over normal earnings, there will be no goodwill.
An enterprise may possess some advantages which enable it to earn extra profits over and above the normal profit that would earn if the capital of the business was invested in some other business with similar risks. Also, the goodwill under this method ascertains by multiplying the super-profits by a certain number of year’s purchases.
Types of Super Profits Method:
The Number of Years Purchase Method: Under this method, the goodwill values at the agreed number of years’ purchase of the super-profits of the firm.
Annuity Method: This method considers the time value of money. Here, we consider the discounted value of the super profit.
Difference between Average and Super profit table.
Difference between Traditional and Modern Concept of Business: Business is concerned with producing and distributing goods and services to make a profit. These are two Concepts: The traditional concept of business and the Modern concept of business. A regular process of exchange of goods and services that involves risk and also uncertainty. Business is an economic activity aimed at meeting needs through the supply of goods and services to customers and their satisfaction.
What is the Difference between Traditional and Modern Concepts in Business?
They are two types:
1] Traditional Concept:
The traditional concept states that the business aims to make a profit through the production and marketing of products. Also, Products can be of various types. Furthermore, The traditional concept states that the objective of the business is to earn profit through the production and marketing of products. For example, the main objective of the business of material goods, services, ideas, information, etc. is to get maximum profit according to the traditional concept.
Meaning of Traditional Concept:
Business is the production and distribution of products for personal gain. The profit-oriented concept stands also known as the traditional concept of business. Any human activity directed towards the acquisition of wealth or earning profit through the production or exchange of goods was treated to be a business.
2] Modern concept:
Consumer satisfaction is the focal point of the modern concept of business. The modern concept states that a business earns profit through customer satisfaction. Business without consumers is not business. Also, It develops long-term relations with customers. The business should earn profit with social responsibility. It should care about the welfare of society and consumers. it must work within the law. Furthermore, Profits can exist made by maintaining social accountability. It attempts to incorporate every aspect of human civilization. It sees modern business as a socio-economic institution that is always responsible to society.
Meaning of Modern Concept:
The business organization should determine the needs of the customers and also deliver them the desired products. The business organization began to think that businesses should earn profits through the service and also the satisfaction of the customers. Do you like to play online casino games?
Intrapreneur and Entrepreneur: An entrepreneur takes the substantial risk of being the owner and operator of a business with expectations of financial profit and other rewards that the business may generate. The essential distinction between an Intrapreneur and Entrepreneur [In Hindi]; Intrapreneurs share similar characteristics as entrepreneurs, for example, conviction, enthusiasm, and understanding. Unexpectedly, an intrapreneur is an individual utilized by an association for compensation. Which depends on the monetary accomplishment of the unit he is liable for.
Learn, Understanding, What is the Difference Between an Intrapreneur and Entrepreneur?
As the intrapreneur keeps on communicating his thoughts overwhelmingly. It will uncover the hole between the way of thinking of the association and the representative. On the off chance that the association upholds him in seeking after his thoughts, he succeeds. If not, he is probably going to leave the association and set up his own business.
Entrepreneurship includes advancement, the capacity to face the challenge, and inventiveness. An entrepreneur will have the option to take a gander at things in novel manners. He will have the ability to face the determined challenge and to acknowledge disappointment as a learning point. An intrapreneur thinks like an entrepreneur paying special mind to circumstances, which benefit the association.
Intrapreneurship is a novel method of causing associations more productive where innovative representatives to engage entrepreneurial contemplations. It is in light of a legitimate concern for an association to support intrapreneurs. Intrapreneurship is a critical technique for organizations to rethink themselves and improve execution.
In an ongoing report.
Scientists contrasted the components related to entrepreneurial and intrapreneurial movement. The investigation found that among the 32,000 subjects who partake in it, five percent occupied with the underlying phases of a business fire up, either all alone or inside an association.
The examination additionally found that human resources, for example, training and experience are interfacing more with entrepreneurship than with intrapreneurship. Another perception was that intrapreneurial new companies were slanted to focus more on business-to-business items while entrepreneurial new businesses were slanted towards buyer deals.
Another significant factor that prompted the decision among entrepreneurship and intrapreneurship was age. The investigation found that individuals who dispatched their own organizations were in their 30s and 40s. Individuals from more established and more youthful age bunches were hazarding loath or felt they have no chances, which makes them the ideal candidates if an association is watching out for workers with groundbreaking thoughts that can seek after.
Entrepreneurship requests to individuals who have common qualities that discover new businesses exciting their advantage. Intrapreneurs have all the earmarks of being the individuals who by and large might not want to get trapped in new companies however are enticed to do as such for reasons unknown. Supervisors would do well to take representatives who don’t seem entrepreneurial however can end up being acceptable intrapreneurial decisions.
The distinction in Definition of Entrepreneur and Intrapreneur:
As both entrepreneur and intrapreneur share comparable characteristics like conviction, inventiveness, energy, and knowledge, the two uses reciprocally. In any case, the two are unique, as an entrepreneur is an individual who takes a lot of danger to possess and work the business, expecting to acquire returns and rewards, from that business. He is the main individual who imagines new chances, items, strategies, and business lines and arranges all the exercises to make them genuine.
Actually, an intrapreneur is a worker of the association who is pay compensation as indicated by the achievement of the specialty unit, for which he/she is employing or capable.
The essential contrast between an entrepreneur and intrapreneur is that the previous alludes to an individual who goes into business with a novel thought or idea, the last speak to a representative who advances development inside the restrictions of the association. In this article passage, we are furnishing you with some other significant purposes of qualification between the two.
Definition of Entrepreneur:
An entrepreneur is a person who imagines beginning another endeavor, take a wide range of dangers, not exclusively to place the item or administration into the real world yet additionally to make it an incredibly demanding one. He is somebody who:
Starts and enhances another idea,
Perceives and uses the chance,
Organizes and facilitates assets, for example, man, material, machine, and capital,
Take reasonable activities,
Faces dangers and vulnerabilities,
Sets up a new business,
Enhances the item or administration,
Takes choices to make the item or administration a productive one,
Is answerable for the benefits or misfortunes of the organization.
Entrepreneurs are consistently the market chief paying little mind to the number of contenders since they carry a moderately new idea to the market and present change.
Definition of Intrapreneur:
An intrapreneur is only an entrepreneur inside the limits of the association. An intrapreneur is a representative of a huge association, who has the authority of starting imagination and advancement in the organization’s items, administrations, and activities, upgrading the cycles, work processes, and frameworks to change them into a fruitful endeavor of the undertaking.
The intrapreneurs have confidence in change and don’t fear disappointment, they find groundbreaking thoughts, search for such open doors that can profit the entire association faces challenges, elevates development to improve the exhibition and benefit, assets are giving by the association. The occupation of an intrapreneur is very testing; henceforth they are acknowledging and awards by the association appropriately.
From the most recent couple of years, it has become a pattern that enormous companies select intrapreneurs inside the association, to bring operational greatness and increase the upper hand.
Primary key contrasts among Entrepreneur and Intrapreneur:
An entrepreneur faces a significant challenge in being the proprietor and administrator of a business with desires for the budgetary benefit and different prizes that the business may create. In actuality, an intrapreneur an individual utilizes an association for compensation. Which depends on the monetary achievement of the unit he is liable for.
Intrapreneurs share similar qualities as entrepreneurs, for example, conviction, enthusiasm, and understanding. As the intrapreneur keeps on communicating his thoughts energetically. It will uncover the hole between the way of thinking of the association and the worker. If the association underpins him in seeking after his thoughts, he succeeds. If not, he is probably going to leave the association and set up his own business.
Central matters;
The significant distinctive focuses among entrepreneur and intrapreneur, give in the accompanying focuses:
An entrepreneur characterizes as an individual who builds up another business with a creative thought or idea. A worker of the association who is approving to attempt developments in item, administration, measure, framework, and so on knows as Intrapreneur.
The entrepreneur is instinctive, though an intrapreneur is remedial.
An entrepreneur utilizes his assets, for example, man, machine, cash, and so on while on account of an intrapreneur the assets are promptly accessible, as they are giving to him by the organization.
An entrepreneur raises capital himself. Alternately, an intrapreneur doesn’t have to raise finances himself; rather it gives by the organization.
An entrepreneur works in a recently-settled organization. Then again, an intrapreneur is a piece of a current association.
An entrepreneur is his chief, so he is free to make choices. Rather than intrapreneur, who works for the association, he can’t make free choices.
This is one of the notable highlights of an entrepreneur; he is fit for bearing the dangers and vulnerabilities of the business. Dissimilar to intrapreneur, in which the organization bears all the dangers.
The entrepreneur endeavors to enter the market effectively and make a spot thusly. As opposed to Intrapreneur, who works for association-wide change to bring development, innovativeness, and profitability.
What is the Difference Between an Intrapreneur and Entrepreneur?
The primary difference between Recruitment and Selection;Recruitment is the process of identifying whether the organization needs to appoint someone whose post the applications have come in the organization. Following selection, the procedures involved in selecting applicants from a suitable candidate to fill a position. Training involves procedures to ensure that the job holders have the right skills, knowledge, and attitude necessary to help the organization achieve its objectives. Hiring individuals to fill special positions within a business can be done internally by recruitment within the firm, or by hiring outsiders.
What is the difference between Recruitment and Selection? Explaining!
We know that recruitment and selection are part of the same phases of employment. One of the important roles of HRM is to select the appropriate staff and appoint the right professionals or staff to meet the recruitment needs and provide training to the best employees and ensure that these selected candidates can deliver better performance. So that we can deal with the issues of and follow the rules of various systems. Recruitment is a fundamental job of human resource management. Fundamentally, recruitment is the process of attracting, assessing, and hiring employees for companies. Once the HRM requirements are understood, the next stage of HRM is to employ workers.
Each one is complete the other but there are a few points difference between them:
Recruitment is the first part of the employment phase. Which is looking and collecting more than one applicant, the second part of the employment phase is selection. Which starts to look for applicants and evaluate them.
The goal of Recruitment is to create differentiation and creative applicants to give the organization more options. The main goal for selection is to choose the best one to fill the position.
Since recruitment searching for more employees to apply for a position. It considers as a positive process, and the negative process will be in selection since it reducing the applicants to one for each position.
The source of human resources is the most important part of recruitment, but in the selection, the most important part is choosing the person via interviews or through tests.
There no contract between the applicant and organization in the recruitment process, but there is a signing of a contract between an applicant and an organization.
Different by Meaning:
Recruitment (hiring) is a core function of human resource management. It is the first step of an appointment. Recruitment refers to the overall process of attracting, shortlisting, selecting, and appointing suitable candidates for jobs within an organization. Recruitment can also refer to processes involved in choosing individuals for unpaid positions. Such as voluntary roles or unpaid trainee roles.
Managers, human resource generalists, and recruitment specialists may task with carrying out recruitment. But, in some cases, public-sector employment agencies, commercial recruitment agencies, or specialist search consultancies are used to undertake parts of the process. Internet-based technologies to support all aspects of recruitment have become widespread.
Selection means the action or fact of carefully choosing someone or something as being the best or most suitable. A process in which environmental or genetic influences determine. Which types of organisms thrive better than others, regarded as a factor in evolution.
Difference Between Recruitment and Selection
Different by Definitions:
The following definitions below are;
Recruitment as,
“The process of finding and hiring the best-qualified candidate for a job opening, in a timely and cost-effective manner. The recruitment process includes analyzing the requirements of a job, attracting employees to that job. The screening and selecting applicants, hiring, and integrating the new employee to the organization.”
Selection as
“A consumer’s choice of a product or service. As well as, the available products or services that a company offers a consumer. A business with a wide array of available choices is considered to have a wide selection.”
Difference Between Recruitment and Selection – Table
Macroeconomics and microeconomics, and their wide array of underlying concepts have been the subject of a lot of writings. The field of study is vast; so here is a summary of what each covers. The primary difference between Microeconomics and Macroeconomics; Microeconomics is generally the study of individuals and business decisions, while macroeconomics looks at higher up country and government decisions.
The difference between Microeconomics and Macroeconomics by Definition, and Explanation!
When we study economics as a whole, we must consider the decisions of individual economic actors. For example, to understand what determines total consumption spending, we must think about a family decision as to how much to spend today and how much to save for the future.
Since aggregate variables are simply the sum of the variables describing many individual decisions, macroeconomics is inevitably founded in microeconomics. The difference between microeconomics and macroeconomics is artificial since aggregates are deriving from the sums of individual figures.
Yet the difference justifies because what is true for an individual in isolation may not be true for the economy as a whole. For example, an individual may become richer by saving than spending.
What does mean Microeconomics?
Microeconomics is the study of decisions that people and businesses make regarding the allocation of resources and prices of goods and services. This means also taking into account taxes and regulations created by governments. Microeconomics focuses on supply and demand and other forces that determine the price levels seen in the economy.
For example, microeconomics would look at how a specific company could maximize its production and capacity, so that it could lower prices and better compete in its industry. Find out more about microeconomics in How does government policy impact microeconomics? Microeconomics’ rules flow from a set of compatible laws and theorems, rather than beginning with empirical study.
What does mean Macroeconomics?
Macroeconomics, on the other hand, is the field of economics that studies the behavior of the economy as a whole, not just of specific companies, but entire industries and economies. It looks at economy-wide phenomena, such as Gross Domestic Product (GDP), and how it affects by changes in unemployment, national income, rate of growth, and price levels.
For example, macroeconomics would look at how an increase/decrease in net exports would affect a nation’s capital account or how GDP would affect the unemployment rate.
John Maynard Keynes is often credited with founding macroeconomics when he initiated the use of monetary aggregates to study broad phenomena. Some economists reject his theory and many of those who use it disagree on how to interpret it.
While these two studies of economics appear to be different, they are interdependent and complement one another since there are many overlapping issues between the two fields. For example, increased inflation (macro effect) would cause the price of raw materials to increase for companies and in turn affect the end product’s price charged to the public.
Microeconomics takes what refers to as a bottom-up approach to analyzing the economy while macroeconomics takes a top-down approach. In other words, microeconomics tries to understand human choices and resource allocation, while macroeconomics tries to answer such questions as “What should the rate of inflation be?” or “What stimulates economic growth?”
Regardless, both micro and macro-economics provide fundamental tools for any finance professional and should study together to fully understand how companies operate and earn revenues, and thus, how an entire economy manages and sustain.
Definition of Microeconomics and Macroeconomics:
Microeconomics is a Greek word which means small,
“Microeconomics is the study of specific individual units; particular firms, particular households, individual prices, wages, individual industries particular commodities. The microeconomic theory or price theory thus is the study of individual parts of the economy.”
It is an economic theory in a microscope. For instance, in the microeconomic analysis, we study the demand of an individual consumer for a good and from there we go to derive the market demand for a good. Similarly, in microeconomic theory, we study the behavior of individual firms the fixation of price output.
The term macro derives from the Greek word “UAKPO” which means large. Macroeconomics, the other half of economics, is the study of the behavior of the economy as a whole.
In other words:
“Macroeconomics deals with total or big aggregates such as national income, output and employment, total consumption, aggregate saving, and aggregate investment and the general level of prices.”
Explanation of the difference between Microeconomics and Macroeconomics:
The following difference below are;
Adam Smith is usually considering the founder of microeconomics, the branch of economics. Which today concerns, the behavior of individual entities as markets, firms, and households. In The Wealth of Nations, Smith considered how individual prices are set, studied the determination of prices of land, labor, and capital. And, inquired into the strengths and weaknesses of the market mechanism.
Most important, he identified the remarkable efficiency properties of markets and saw that economic benefit comes from the self-interested actions of individuals. All these are still important issues today. And, while the study of microeconomics has surely advanced greatly since Smith’s day, he is still cited by politicians and economists alike.
The other major branch of our subject is macroeconomics, which is concerning with the overall performance of the economy. Macroeconomics did not even exist in its modern form until 1935 when John Maynard Keynes published his revolutionary book General Theory of Employment, Interest, and Money. At the time, England and the United States were still stuck in the Great Depression of the 1930s, and over one-quarter of the American labor force was unemployed.
Extra knowledge;
In his new theory, Keynes developed an analysis of what causes unemployment and economic downturns. How investment and consumption are determining? How central banks manage money and interest rates? and, Why some nations thrive while others stagnate? Keynes also argues that the government had an important role in smoothing out the ups and downs of business cycles.
Although macroeconomics has progressed far since his first insights. The issues addressed by Keynes still define the study of macroeconomics today. The two branches – microeconomics and macroeconomics – covers to form modern economics. At one time the boundary between the two areas was quite distinct; more recently, the two sub-disciplines have merged as economists have to apply the tools of microeconomics to such topics as unemployment and inflation.
Microeconomics and macroeconomics in what kind of difference between?
Differences between them:
The main differences between Microeconomics and Macroeconomics are as under:
Under Microeconomics:
It is the study of individual economic units of an economy.
It deals with Individual Income, Individual prices, Individual output, etc.
Its central problem is price determination and allocation of resources.
Its main tools are the demand and supply of a particular commodity/factor.
It helps to solve the central problem of ‘what, how and for whom’ to produce. In the economy
It discusses how the equilibrium of a consumer, a producer, or an Industry attains.
Under Macroeconomics:
It is the study of the economy as a whole and its aggregates.
It deals with aggregates like national income, general price level, national output, etc.
Its central problem is the determination of the level of income and employment.
Its main tools are aggregate demand and aggregate supply of the economy as a whole.
It helps to solve the central problem of the full employment of resources in the economy.
It concerns the determination of the equilibrium level of income and employment of the economy.
Positive and Normative Economics: Economics is often divided into two major aspects – positive and normative. Positive economics explains how the world works. The primary difference between Positive and Normative Economics; concerns with what is, rather than with what ought to be. Normative economics is concerning what ought to be rather than what is. It proposes solutions to society’s economic problems. That there is unemployment in India is a problem of positive economics. What measures can adopt to solve the problem is a problem of normative economics. Normative economics also knows as welfare Economics.
How to Explain the difference between Positive and Normative Economics?
The distinction between positive economics and normative economics may seem simple, but it is not always easy to differentiate between the two. Positive economics is objective and fact-based, while normative economics is subjective and value-based. Positive economic statements must be able to test and prove or disprove. Normative economic statements are opinion based, so they cannot prove or disprove. Many widely-accepted statements that people hold as fact are value-based.
For example, the statement, “government should provide basic healthcare to all citizens” is a normative economic statement. There is no way to prove whether the government “should” provide healthcare; this statement is based on opinions about the role of government in individuals’ lives, the importance of healthcare, and who should pay for it.
The statement, “government-provided healthcare increases public expenditures” is a positive economic statement, as it can prove or disprove by examining healthcare spending data in countries like Canada and Britain, where the government provides healthcare.
Disagreements over public policies typically revolve around normative economic statements, and the disagreements persist because neither side can prove that it is correct or that its opponent is incorrect. A clear understanding of the difference between positive and normative economics should lead to better policy-making if policies are made based on facts (positive economics), not opinions (normative economics). Nonetheless, numerous policies on issues ranging from international trade to welfare are at least partially based on normative economics.
Positive Science or Normative Science!
Positive science implies that science which establishes the relationship between cause and Effect. In other words, it scientifically analyses a problem and examines the causes of a problem. For example, if prices have gone up, why have they gone up.
In short, problems are examining based on facts. On the other hand, normative science relates to normative aspects of a problem i.e., what ought to be. Under normative science, conclusions and results are not based on facts, rather they are based on different considerations like social, cultural, political, religious, and son are is subjective, an expression of opinions.
In short, positive science concerns with “how and why” and normative science with ‘what ought to be’. The distinction between the two can explain with the help of an example of an increase in the rate of interest. Under positive science it would look into why the interest rate has gone up and how can it reduce whereas under normative science it would see as to whether this increase is good or bad. Three statements about positive and normative science each are given below:
Positive Science:
The following topic below are;
The main cause of price-rise in India is the increase in the money supply.
It bases on a set of collected facts.
Prices and inequalities of income level in an economy.
Production of food grains in India has increased mainly because of an increase in irrigation facilities and the consumption of chemical fertilizers.
The rate of population growth has been very high partly because of the high birth rate and partly because of the decline in the death rate.
Studies with what is or how the economic problem originally solves.
It can verify with the original data.
It aims to provide an original description of economic activity.
Normative Science:
The following topic below are;
Inflation is better than deflation.
It bases on the opinion of the individual.
The government should generate more employment opportunities.
More production of luxury goods is not good for a poor country like India.
Inequalities in the distribution of wealth and incomes should reduce.
Studies with what ought or how the economic problem should solve.
It cannot verify with the original data.
It aims to determine the principles.
Difference between Positive and Normative Economics
Positive and Normative Economic Statements:
The following Statements topic below are;
Positive statements: Positive statements are objective statements that can test, amend, or reject by referring to the available evidence. Positive economics deals with objective explanations and the testing and rejection of theories. For example; A fall in incomes will lead to a rise in demand for own-label supermarket foods. And, If the government raises the tax on beer, this will lead to a fall in profits of the brewers.
Normative Statements: A value judgment is a subjective statement of opinion rather than a fact that can be tested by looking at the available evidence. Normative statements are subjective statements – i.e. they carry value judgments. For example; Pollution is the most serious economic problem. Unemployment is more harmful than inflation, and. The government is right to introduce a ban on smoking in public places.
What does Public and Private Finance mean?Public and Private Finance: Differences, Similarities, and Dissimilarities;what their meaning?Public finance is the finance sector that deals with the allocation of resources to meet the set budgets for government entities. Private Finance can classify into two categories the public or personal finance and business finance. Personal finance deals with the process of optimizing finances by individuals such as people, families, and single consumers.
The Concept of Public and Private Finance; explain into Differences, Similarities, and Dissimilarities.
Public finance has several branches; public revenue, public expenditure, public debt, budget policy, and fiscal policy. This branch of economics is responsible for the scrutiny of the meaning and effects of financial policies implemented by the government. This sector examines the effects and results of the application of taxation and the expenditures of all economic agents and the overall economy. Richard Musgrave, a renowned Economics professor, terms Public Finance as a complex of problems that are centered around the income and expenditure processes of the government.
Personal Finance deals with the process of optimizing finances by individuals such as people, families, and single consumers. A great example is an individual financing his/her car by the mortgage. Personal finance involves financial planning at the lowest individual level. It includes savings accounts, insurance policies, consumer loans, stock market investments, retirement plans, and credit cards.
Business Finance involves the process of optimizing finances by business organizations. It involves asset acquisition and proper allocation of funds in a way that maximizes the achievement of set goals. Businesses can require finances on either of the three levels; short, medium, or long term.
Differences between Public and Private Finance:
The following differences are explained into two sections; A) Basic, and B) Advanced.
A. Basic differences part one are;
About the differences between private and public finance.
The pattern and volume of expenditure of an individual are influenced by his total resources income and wealth but in the case of government, expenditure determines income. Moreover, government expenditures determine people’s income. If the government spends money on road construction, some employment is automatically generated.
Private individuals or firms are mainly concerned with private consumption or profits. The government aims at promoting the welfare of society rather than that of the individual. The individual (or a firm) is mainly concerned with his (its) present gains and prospects, not with that of the distant future. The government has to serve society generation after generation.
Private firms derive income by selling goods and they pay to factors of production according to the quantity or quality purchased. The services of governments are usually made available to individuals quite irrespective of the cost and often at rates that do not cover full costs.
A public authority can vary the amount of its income and expenditure within limits, of course, but more easily than an individual. An individual cannot easily double his income or halve his expenses even if he would be better off that way. But this is not so difficult in the case of Governments.
A. Basic differences part two are;
About the differences between private and public finance.
A public authority usually does not discount the future at as high a rate as an individual. The reason is obvious. The life of a man is counted in years and his foresight is limned. A-State is supposed to live forever. Hence, future satisfactions do not appear so small against present utilities to a State as they do to an individual. He always prefers a bird in hand to two in the bush even though the two in the bush may be fairly certain tomorrow.
A wise man is he who, after meeting his needs, saves something to lay by. Not so with a State. A State should not ordinarily try to hoard but should repay to the people in services all that it receives in taxes. A heavily surplus budget is for this reason as bad as, and perhaps even worse than, a heavily deficit one. The deficit budget may propose to incur the deficit for the promotion of mass welfare, while the surplus budget is only an extra burden on the tax-payer.
There is no fixed period over which an individual balances his budget. State budgets are -generally made for one year. But the income and expenditure of an individual are continuous and cover the whole period of his life.
Individual finance is kept a secret, whereas State finance is made public. The budget is published and every citizen is welcome to scrutinize it and comment on it. An individual will not let anybody have a peep into his financial position.
B. Advanced differences;
The following differences below are;
Borrowing:
The government can borrow from itself, it can simply go back to the people to ask for loans in whichever financial asset e.g. bonds when shortages arise. However, an individual can’t borrow from itself.
Objective:
The public sector’s main objective is to create social benefits in the economy. The private industry seeks to maximize personal or profit benefits.
Currency ownership:
The government is in charge of all aspects related to currency. This involves the creation, distribution, and monitoring. No one in the private sector allows to create currency, this is illegal and most countries classify it as a capital offense.
Present or future Income:
The public sector is more involved with future planning and making long-term decisions. The government makes decisions that will bear fruits in the long-term even ten years. These investments could include the building of schools, hospitals, and infrastructure. The private industry makes financial decisions on projects with a shorter return waiting time.
Income and Expenditure Adjustment:
The government adjusts the income according to the expenditure budget. The private sector including individuals and private businesses adjust their expenditure according to the income or future estimates. The government first creates an outline for the expenditure then devices means of acquiring the monetary budget needed. Private finance involves cutting your coat according to your cloth.
Coercion to getting Revenue:
The government can use force to get revenue from individuals. This could involve the use of force to get taxes. The private sector, however, doesn’t have this authority.
Surplus Budget Concept:
Excess income or surplus budgets is a great virtue in the private sector, this is however not the case in public finance. The government is expected to only raise what is needed for a fiscal year. Of what use would it be to have surplus budgets? It would be much easier to offer tax reliefs to the tax-payers to offset the surplus.
Ability to Make Huge and Deliberate Changes:
The public finance sector can make huge decisions on income amount without any consequences. For example, it can effectively and deliberately increase or decrease the income amount instantly. Businesses and individuals can’t make these decisions and implement them immediately.
Similarities between Public and Private Finance:
While the individual is concerned with the utilization of labor and capital at his disposal, to satisfy some of his wants, the state is concerned with the utilization of the labor and capital and other resources to satisfy social wants. It will observe that both private and public finance have broadly, the same objective, namely the satisfaction of human wants.
However, while private finance emphasizes individual interests public finance attempts to promote social welfare. From this, it may though that public finance is only an extension of private finance and that the rules and regulations which apply to private finance will also apply to public finance.
The following similarities below are;
Borrowing:
Borrowing is a common element both in private and public finance. Just as an individual borrows from different sources when current incomes are insufficient to meet the current expenditure, the public authority also resorts to borrowing, when its revenue fall short of aggregate expenditure.
Problems of Adjustment of Income and Expenditure:
Both public and private finance always face the problem of the adjustment of income and expenditure. Hence the problem of choice is common in both types of finance. Both kinds of finance have income and expenditure. Both try to balance their income and expenditure.
Rationality:
Private and public finance are based on rational behavior. The resources at the disposal of private individuals and public authority are limited. Therefore in both cases, maximum care is taken to ensure better utilization of scarce resources. A rational individual tries to maximize personal benefits from his expenditure. Likewise, a rational government seeks to maximize social benefits from public expenditure.
The scarcity of Resources:
Both have limited resources at their disposal. Both public and private individuals are required to match their income and expenditures in such a way that both make the optimum use of scarce resources.
Loans are Repayable:
Both private and public loans are required to repay. An individual borrows money from various sources to meet personal requirements. But that too cannot unlimited. He has to repay his loans. Like individuals, the government cannot live beyond its means. It can temporarily postpone repayment of loans, but it is obligatory to repay the loans. Thus, public finance may regard as an extension of private finance. This, however, is not true.
Public and Private Finance: Differences, Similarities, and Dissimilarities, #Pixabay.
Dissimilarities between Public and Private Finance:
One can notice fundamental dissimilarities between public and private finance.
The important differences are:
Public Budget is not Necessarily Balanced:
An individual tries to maintain a balanced budget and maintenance of a surplus budget is a virtue. Instead of a balanced or surplus budget, it is desirable to have a deficit budget of a government to increase the country’s productive power. In other words, a surplus budget may not stimulate economic activities. On the contrary, a deficit budget often makes to finance economic development.
The scope of Study:
Public finance studies the complex problems that center around the revenue – expenditure process of government. Private finance, on the other hand, confines to the study of those aspects of the economy that arise in the course of operation of private households in the sphere of financial transactions and activities. Hence in terms of scope of study private finance has a limited sphere of operation.
Compulsory Character:
There are certain items of expenditure that the state can neither avoid nor postpone. Irrespective of the availability of resources, this type of expenditure should incur.
According to Prof. Findlay Sierras,
“Another characteristic of public expenditure is its compulsory character.”
The expenditure on defense, civil administrations, etc. is compulsory. Likewise, the state can compel people to purchase and consume a particular variety of cloth, wheat, or other commodities at a price fixed by the state.
Nature of Resources:
There is a difference between private and public authorities as regards the nature of resources. While the individual has only limited resources at his disposal, the public authorities can even draw upon the entire wealth of the community, by raising a force, if necessary.
Tax payment is a personal responsibility of the taxpayer. Nobody can refuse to pay taxes if it is imposing on him. Besides tax revenue, the public authorities can borrow funds from the general public and if needed, from outside the country.
The government can even resort to deficit financing, as and when the financial situation worsens. As compared to this, individuals and business houses have only a limited source of resources.
Coercive Authority of the Government:
An individual cannot raise coercive methods to raise his income. But the government can use force to collect the necessary revenue. Since the public authority possesses coercive power, it can raise the rate of taxes, add new taxes to the existing system, and force taxpayers to pay taxes promptly. Moreover, during the financial crisis, the government can introduce, the compulsory deposit of funds, using the coercive authority of the state.
Marketing and Selling are both activities aimed at increasing revenue. They are so closely entwining that people often don’t realize the difference between the two. This is particularly true in the case of small businesses, which often equate marketing with selling deliberately due to organizational and resource limitations. These two are the most misconstrued then again there exists a best line of distinction between Marketing and Selling the concept, that lies in their meaning, process, activities, management, outlook, and comparable different factors. So, what is the question we are going to discuss; What is the difference between Marketing and Selling?
Here are explained; Differences between Marketing and Selling with their Definition and Concept.
Marketing is an ancient art and is present everywhere. Good marketing has become an increasingly vital ingredient for success. It is a comprehensive term, which includes a lot of research in selling, advertising, and distributing goods. Marketing is a series of different steps and processes which help in getting the products to the consumer from the producer.
Definition of Marketing:
Marketing: Basically, it is a management process through which products and services move from concept to the customer. It includes the identification of a product, determining demand, deciding on its price, and selecting distribution channels.
The UK-based Chartered Institute of Marketing (CIM) defines the term as follows:
“Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.”
Below is the American Marketing Association’s definition:
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
Selling: Selling is first and foremost a transaction between the seller and the prospective buyer or buyers where the money stands exchanged for goods or services. So the best way to define selling is to focus on the sales skills that are necessary to make that transaction happen. Defining selling as the art of closing the deal encapsulates selling’s essence.
In the language of Philip Kotler:
“The selling concept holds that consumers if left alone, will ordinarily not buy enough of the organization’s product. The organization must, therefore, undertake an aggressive selling and promotion effort.”
The advertising and marketing thought is an enterprise idea, which states that the company’s success lies in turning into greater fantastic than the rivals, in producing, delivering, and speaking increased purchaser cost to the goal market. It depends on 4 elements, i.e. the goal market, built-in marketing, purchaser needs, and profitability. The idea starts with a unique market, stresses patron needs, coordinates things to do that have an impact on customers, and reaps earnings with the aid of pleasurable customers.
The concept holds that an association can acquire its objective of income maximization, in the lengthy run, by figuring out and working on the wishes of the present day and potential buyers. As well, the central thought of advertising and marketing thought is to fulfill the desires of the customer, and the use of the product. Hence, all the choices stood taken by using the association preserve in thought the delight of consumers.
The promoting thinking holds that if corporations and buyers are left isolated, then the shoppers are no longer going to purchase enough merchandise manufactured with the aid of the company.
The idea can observe belligerently, in the case of items that are now not sought, i.e. the items which the patron doesn’t suppose of purchasing, and additionally when the company is running at extra than a hundred percent capacity, the association goals at promoting what they produce, however now not what the market demands. Hence, the purchaser wishes to set off to purchase the products, thru aggressive promoting and promotional methods such as advertising, private selling, and income promotion.
The essence of promoting the notion is to promote what the employer produces, through convincing, coaxing, luring, or persuading buyers, as a substitute for what stands preferred by the customer. Also, the thought focuses on producing earnings with the aid of maximizing sales.
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Difference between Marketing and Selling:
The following basic differences of key-point below are:
In the Marketing differences:
The marketing concept applies to developed economies; where supply is more as compared to demand- amidst intensely competitive conditions. As such, the selling of goods is the biggest problem.
Under the marketing concept, there is a long-run perspective; concerned with winning consumers permanently and capturing the largest “market share” by providing maximum consumer satisfaction.
Marketing is a wider concept. It includes selling plus a large number of functions viz. marketing research, pricing, promotions, packaging, and a host of other functions.
Marketing is consumer-oriented. It emphasizes consumers and the maximization of their satisfaction.
Marketing starts with marketing research; next, do a production based on marketing research outcomes, and finally, do the selling.
The Basic objective of marketing is profit maximization through maximizing consumer satisfaction.
Marketing follows an integrated approach to organizational structuring. All departments of business enterprises are restructuring with a marketing orientation.
There is great emphasis on after-sales service, under the marketing concept; to win customers permanently and ensure the long-term prosperity of the business enterprise.
Marketing is a philosophy of organization and management. Selling is a natural outcome of such a philosophy.
Under the marketing concept, demand creates appropriate marketing strategies.
In the Selling differences:
Selling is production Oriente. It emphasizes production and its efficiency.
The selling concept is applicable to under-developed economies; where supply is less as compared to demand. As such selling goods is no problem.
In the under-selling concept, there is a short-term perspective; concerned with making sales and earning profits.
Selling is a narrower concept. It is a part of the marketing concept; so far “selling” is concerned. It includes limited marketing functions that are imperative for selling.
“Selling” starts with the production; and ends with the selling of goods to the consuming public.
The Basic objective of selling is profit maximization through sales maximization.
There is the independent status of production, marketing, and other business enterprise departments.
There is usually no attention to after-sales service, under the selling concept.
Selling follows a routine process of physical distribution of goods.
An Under-selling concept demand is presumed to be in existence.
What is the difference between Marketing and Selling?
The 5 differences between “Marketing” and “Selling” clear the main Concept:
There are a good many people who use the words “marketing” and “selling” interchangeably. There is a difference between the two terms so much so that their real meaning and content make them altogether quite distinct words.
The 5 basic differences can outline as under:
Scope:
“Marketing” involves the design of products acceptable to customers and the transfer of ownership between the sellers and buyers. However, “Selling” simply involves obtaining orders from customers and supplying them with the products. It stands more concerned about the sale of goods already produced.
Philosophy:
Marketing has philosophical and strategic implications. It directs toward the long-term objectives of growth and stability. On the other hand, selling is a mere tactical routine activity with a short-term perspective, under which customers take for granted as one homogeneous unit.
Occurrence:
Marketing begins much before the production of goods and services. It continues even after the sale because “after-sale services” may be necessary for satisfying the wants of customers.
However, selling comes after the product has been completed and it comes around with the delivery of the product to the customer. In other words, marketing begins before the manufacturing cycle, whereas selling comes at the end of this cycle.
Semantics:
Marketing, as a word, has a wider connotation which includes selling in its fold. Selling is a part of marketing that covers many other activities like marketing research, product planning and development, pricing, promotion, distribution, and the like. Thus, marketing means selling but selling does not mean marketing.
Emphasis:
In the case of marketing, the focus is on satisfying the wants of customers while selling emphasizes the need of the seller to convert products into cash. Also, Marketing is customer-oriented and seeks to earn profits through customer satisfaction. On the contrary, selling is product-oriented and seeks to increase sales volume.
Who they are Wholesaler and Retailer?Top 20 Differences – first, know their meaning;Wholesaler – A wholesaler is a company that buys products from manufacturers and sells them at low prices to retailers or other wholesalers. A wholesaler, in the words of S.E. Thomas, “Is a trader who purchases goods in large quantities from manufacturers and sells to retailers in small quantities”. And, Retailer – A retailer is a company that buys products from a manufacturer or wholesaler and sells them to end-users or customers. The primary difference between Wholesaler and Retailer; A person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale. So, what is the question we are going to discuss; What is the Difference between Wholesalers and Retailers?… Read in Hindi!
Here explains the Difference between wholesaler and retailer.
The following question is answering below;
Definition:
All consumer goods and products start at the manufacturer. The manufacturer most often designs and produces the product. The manufacturer then sells the finished product to a wholesaler because wholesalers often have relationships with retailers and distribution chains that manufacturers don’t have. The wholesaler, in turn, sells the product to a retailer that can market and sell the product to an end customer.
The term “Wholesaler” applies only to a merchant middleman engaged in selling the goods in bulk quantities. Wholesaling includes all marketing transactions in which purchases are intended for resale or are used in marketing other products. Thus, we can say that a wholesaler is a person who buys goods from the producer in bulk quantities and forwards them in small quantities to retailers.
Retailers are experts in marketing, sales, merchandise inventory, and knowing their customers. They purchase the goods from the manufacturers at cost and market them to consumers at retail prices. The retail price can be anywhere from 10 percent to 50 percent higher than the manufacturing cost. You can think of this as a marketing and advertising fee. Retailers spend millions of dollars on marketing campaigns to help sell the products they carry. These advertising budgets come from the markup on the goods.
Concept:
One of the main differences between wholesale and retail is the price of the goods. The wholesale price is always lower than the retail price. This is mainly because the retailer has to include many other costs while selling the goods. The retailer has to add costs like the salaries of employees, rents of shops, sales tax, and advertising of the goods that he buys from a wholesaler. A wholesaler does not worry much about all of these aspects which prompts him to sell goods at a lower price. The wholesaler has direct links with the manufacturer and buys products or goods directly from him.
On the other hand, a retailer has no direct contact with the manufacturer. In choosing the quality, the retailer has an upper hand. A retailer can choose the products with quality and discard the damaged ones as they only buy small amounts. On the contrary, the wholesaler will not have a say in the quality as he has to buy in bulk from the manufacturer.
This means that the retailer has the freedom to choose the products whereas the wholesaler does not have the freedom to choose the products. It can also be seen that retailers have to spend more on maintaining the retail space as they have to attract consumers. On the other hand, a wholesaler need not worry about the space as it is only the retailer who buys from him.
What is the Difference between the wholesaler and the retailer?
Top 20 Difference between Wholesaler and Retailer part one:
The following 10 Differences below are;
They are connecting links between the manufacturers and retailers, and They are connecting links between the wholesalers and the customers.
They purchase goods in large quantities from manufacturers. And, they purchase goods in small quantities from the wholesalers.
They deal with a limited number of products, and They deal with a variety of products for meeting the varied needs of consumers.
They need more capital to start their business, and they can start the business with limited capital.
The display of goods and decoration of the premises is not necessary for them. And, they lay more emphasis on window display and proper decoration of business premises to attract the customers.
Their business operations extend to different cities and places, and They usually localized at a particular place, area, or city.
They do not directly deal with the customers, and they have a direct link with the customers.
They do not extend free home delivery and after-sales services. And, they provide free home delivery and after-sales services to consumers.
Provide more credit facilities to retailers and they provide lesser credit facilities to the consumers and usually sell goods on a cash basis.
Wholesalers buy from the manufactures and sell goods to retailers. And, Retailers buy from the wholesalers and sell goods to the consumers.
Top 20 Difference between Wholesaler and Retailer part two:
The following 10 Differences below are;
Wholesalers usually sell on credit to the retailers, and Retailers usually sell for cash.
They specialize in a particular product, and They deal with different kinds of goods.
They buy in bulk quantities from the manufacturers and sell in small quantities to the retailers, and they buy in small quantities from the wholesalers and sell in smaller quantities to the ultimate consumers.
Wholesalers always deliver goods at the doorstep of the retailers, and Retailers usually sell at their shops. And, they provide door delivery only at the request of the consumers.
They may not possess expert knowledge regarding selling techniques. And, they must possess expert knowledge in the art of selling.
They enjoy the economies of bulk buying, freights and price, etc. and they do not avail such economies.
Their services can be dispensed with or can be eliminated from the chain of distribution, and they are an integral component of the distribution chain and cannot be eliminated.
A wholesaler need not provide shopping comforts like luxurious, interiors, provision of air-conditioning, trolleys, etc. And, a retailer usually provides shopping comforts mainly to attract customers.
As the wholesaler specializes in a particular product, he has to necessarily convince the retailers about product quality. Only then the latter will place an order. And, as the retailer deals in a variety of goods, he need not influence buyers. He can let the buyer choose any brand of the product he likes.
As per the custom of their trade, wholesaler allows the retailer trade discount each time the retailers buy. And, the retailers normally do not allow any discount to their customers. Some of them may offer a cash discount to bulk buyers. Sometimes, they may offer seasonal discounts.
The primary difference between Traditional Economicsand Managerial Economics; First, the Traditional economy is an original economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces and the rules and manner of their distribution. Countries that use this type of economic system are often rural and farm-based. The concept of the study explains – What is traditional economics? Meaning, and What is Managerial economics? and their difference.
Understanding and Learn, Explain the Difference between Traditional Economics and Managerial Economics!
Also known as a subsistence economy, a traditional economy defines by bartering and trading. A Little surplus produces, and if any excess goods are made, they are typically given to a ruling authority or landowner.
After, Managerial economics is the “application of the economic concepts and economic analysis to the problems of formulating rational managerial decisions”. It sometimes refers to as business economics and is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units.
What is traditional economics? Meaning.
Traditional economics refers to the more primitive principles of modern economics, which are commonly using in undeveloped countries, who have not yet embraced technical and globalization changes in the study of economics over the years. Traditional economics relies on the use of old cultures, trends, and customs in allocating rare resources to gain profit.
A traditional economy will definitely rely on the traditions of heritage and how the previous generations have made their production activities, which will create the basis for the production of goods. The main production activities in the traditional economy include farming, livestock activities, and hunting. In countries with such traditional economic systems, Papua New Guinea, South America, parts of Africa, and the rural areas of Asia are including.
Managerial economics refers to the branch of economics, which derives from the subject matter of microeconomics, which considers houses and firms in the economy, and macroeconomics related to employment rates, interest rates, inflation rates, and other macroeconomic variables from the country are related to the complete completion.
Managerial economics uses mathematics, statistics, management theory, economic data, and modeling techniques to help business managers manage their operations with maximum efficiency. They help managers make the right decisions in the allocation of rare resources such as land, labor, capital to achieve high profitability while reducing costs. Managerial economics helps managers decide which products to produce, how much to produce, what prices will determine, and what channels to use in sales and distribution.
What is the Difference between Traditional Economics and Managerial Economics?
The upcoming discussion will help you to differentiate between traditional and managerial economics.
The difference in Traditional Economics:
Traditional Economics has both Micro and Macro aspects.
This is both positive (existing certain) and Normative Science.
This deals with Theoretical aspects only.
Here, problems are analyzing both from a Micro and Macro point of view.
It studies human behavior based on certain assumptions, but these assumptions do not hold good in Managerial Economics.
Here, we study only the economic aspects of the problems.
Here, we study principles underlying rent, wages, interest, and profits.
Traditional Economics scope is wide and it covers various areas.
Here, the efficiency of the firm is not studying.
The difference in Managerial Economics:
It is essentially Micro in character.
This is essentially Normative (setting standard) in nature.
While it deals with Practical aspects.
It studies the activities of an individual firm or unit.
Managerial economics deals mainly with Practical problems.
Here, both economic and non-economic aspects of the problems are studying.
Here, we study mainly the principles of profit only.
While the scope of Managerial Economics is limited and its scope is not so wide as that of Traditional Economics.
Here, the most important task is to study how to improve the efficiency of the firm.
Another Main difference between Traditional and Managerial in without table:
Managerial Economics has been describing as economics apply to decision-making. It may view as a special branch of Economics. However, the main points of differences are the following:
Traditional Economics has both micro and macro aspects whereas Managerial Economics is essentially micro in character.
Economics is both positive and normative science but Managerial Economics is essentially normative in nature.
Economics deals mainly with the theoretical aspect only whereas Managerial Economics deals with the practical aspect.
Managerial Economics studies the activities of an individual firm or unit. Its analysis of problems is micro in nature, whereas Economics analyzes problems both from the micro and macro point of view.
Economics studies human behavior based on certain assumptions. But, these assumptions sometimes do not hold good in Managerial Economics as it concerns mainly with practical problems.
Under Economics we study only the economic aspect of the problems but under Managerial Economics we have to study. Both the economic and non-economic aspects of the problems.
Economics studies principles underlying rent, wages, interest, and profits. But in Managerial Economics we study mainly the principles of profit only.
Sound decision-making in Managerial Economics is considering to be the most important task for the improvement of the efficiency of the business firm. But in Economics it is not so.
The scope of Managerial Economics is limited and not so wide as that of Economics.
Thus, it is obvious that Managerial Economics is very closely related to Economics. But, its scope is narrow as compared to Economics.
Managerial Economics is also closely related to other subjects, viz., Statistics, Mathematics, and Accounting.
A trained managerial economist integrates concepts and methods from all these disciplines bringing them to bear on the business problems of a firm.
What is the difference between economics and managerial economics? Some Explanation.
Both managerial economics and traditional economics include production, distribution, and consumption of goods and services, and are reflecting on the basic economic theory of using. The factors of production effectively for the production of both goods and services.
The main difference between the branches of economics is that traditional economics is ancient. And, its development is done in undeveloped and less technologically advanced economies. While the result of managerial economics globalization and the development of economics involves making managerial decisions.
Managerial economics uses sophisticated modeling systems and statistical data to make decisions regarding quantity, pricing and distribution channels, whereas, in traditional economics, the use of farming, hunting, and livestock activities uses by individuals to meet their daily consumption requirements. Includes.
Difference between Traditional and Managerial Economics, Image Credit to ilearnlot.com.
