Economics

Definition: In economics, "Supply" implies the quantity (how much) of a commodity that the producers, manufacturers or sellers are willing and able to offer to the market at different prices during a particular period of time. Basically, supply is something that the firm offers for sale, to the target audience in the market, which may not be something that the firm succeeds … [Read more...] about Supply

Definition: The word 'demand' is used to imply the quantity (how much) of a given commodity or service, the consumers are willing and able to buy, in a market during the particular period of time, at any price, or at any income or at any price of related goods. Demand is not just the desire for the commodity, rather when the desire is supported by the means to purchase, the … [Read more...] about Demand

Definition: Money laundering can be understood as an act of concealing the identity or source of money obtained illegally, to make them appear to have obtained out of legal sources. Simply put, money laundering is the process of disguising the origin, i.e. the source from which money is received due to criminal activity, changing its form and transferring them into a … [Read more...] about Money Laundering

Definition: Economics is that branch of social science which is concerned with the study of how individuals, households, firms, industries and government take decision relating to the allocation of limited resources to productive uses, so as to derive maximum gain or satisfaction. Simply put, it is all about the choices we make concerning the use of scarce resources that … [Read more...] about Economics

Definition: Tax evasion can be understood as a tax practice, wherein the assessee, i.e. an individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), firm or body corporate, etc. intentionally attempts to avoid or reduce the payment of taxes, by using unauthorized methods or downright frauds. Both illegal non-payment or underpayment of … [Read more...] about Tax Evasion

Definition: Tax Planning can be understood as the activity undertaken by the assessee to reduce the tax liability by making optimum use of all permissible allowances, deductions, concessions, exemptions, rebates, exclusions and so forth, available under the statute. Put simply, it is an arrangement of an assessee's business or financial dealings, in such a way that complete … [Read more...] about Tax Planning

Definition: E-governance, expands to electronic governance, is the integration of Information and Communication Technology (ICT) in all the processes, with the aim of enhancing government ability to address the needs of the general public. The basic purpose of e-governance is to simplify processes for all, i.e. government, citizens, businesses, etc. at National, State and local … [Read more...] about E-Governance

Definition: The term GDP stands for Gross Domestic Product, is a measure of market value of all finished goods and services which are newly produced, during a particular period and that too within the domestic territory of the country. The term domestic territory signifies a different meaning, concerning national income accounting, it includes: The area lying within the … [Read more...] about Gross Domestic Product (GDP)

Definition: Capitalism refers to an economic and political system, wherein the private individuals own and control the country's factors of production (land, labour, capital) for making a profit. In finer terms, private property is the essence of a capitalist economy and profit works as a motivation here. Under this system, the government does not intervene in the management … [Read more...] about Capitalism

Definition: The Fiscal Policy implies the decisions taken by the government with respect to its revenue collection (through taxation), expenditure and other financial operations to accomplish certain national goals. The government uses its expenditure and taxation programmes to generate the desirable effects or eliminate the undesirable effects on the production, employment … [Read more...] about Fiscal Policy