Definition: Negotiable Instrument implies a financial document used for fund transfer from one person to another. Basically, it is an instrument that bears the signature of the maker, promising payment of a specified sum to the person whose name is written on it, or the assignee, either on-demand or on a future specified date. Further, the negotiable instrument creates a … [Read more...] about Negotiable Instrument
Conciliation
Definition: Conciliation is a process in which the third party persuades the parties in dispute to amicably settle the claims. It is one of the effective and private methods of dispute resolution, in which the conflicting parties take the help of a conciliator voluntarily, who discuss the matter with them, with an aim of settlement of the dispute without going to the … [Read more...] about Conciliation
Misrepresentation
Definition: When a person makes a representation on the belief that the statement is true, amounts to innocent misrepresentation. It is a positive declaration made by one party, while entering into the contract which is not actually true, but the parties hold that it is true, as regards a material fact which can influence the decision of another party to the contract, is a … [Read more...] about Misrepresentation
Commodity Market
Definition: Commodity Market implies the place where products, either produced or grown are being traded between investors. It brings together all the participants to determine the price, at which the commodity can be traded across the market. To determine the price of the commodity in a commodity market auction mechanism is used wherein sellers ask for a certain price, … [Read more...] about Commodity Market
Non-Profit Organization
Definition: Non-Profit Organization, as the name signifies a type of organization that does not operate with the purpose of making a profit, rather, it works for a social cause. NPOs are legally and voluntarily registered entities, run by a group of people with a service motive, so as to promote the general welfare of the public. The money earned in the form of revenues or … [Read more...] about Non-Profit Organization
Index Number
Definition: Index Number is a statistical tool that gauges the changes in the degree of a variable or group of related variables over a specified period of time, or over two different situations. Index numbers are applicable to the values of economic time series. It reflects the general relative change that is primarily used by economists to present economic data time series … [Read more...] about Index Number
Gig Economy
Definition: Gig Economy is a group of the market that connects service providers to consumers on a gig, i.e. per job/task basis. It implies a labour market wherein numerous individuals are employed on a part-time basis or where freelance work persists, instead of conventional full-time work. Even organizations look for independent contractors, on-call workers and freelancers to … [Read more...] about Gig Economy
Statistics
Definition: Statistics can be defined as a part of applied mathematics that is concerned with the collection, classification, interpretation, analysis or the numerical and categorical data and facts, and drawing conclusions, so as to present the same in a systematic manner. It involves a wide variety of methods which facilitates data analysis, for decision making … [Read more...] about Statistics
Market Failure
Definition: When there is an inefficient allocation of goods and services in a free market, such a situation is termed a market failure. It arises when the market fails to efficiently create and distribute scarce resources. Here the term 'efficiently' means the way in which the highest social welfare can be achieved. In a free market, the demand and supply forces, determine … [Read more...] about Market Failure
Money
Definition: Money refers to an economic measure that acts as a commonly accepted exchange medium, to pay for goods and services, repay debts, and settle various transactions. Further, those exchanges which are carried out without the mediation of money are called as a barter exchange. In finer terms, money is a man-made creation, which is introduced with an aim of overcoming … [Read more...] about Money