Journal Voucher and It’s concept

Definition of Journal Voucher Journal Voucher can be defined as the form of original entry of government transactions as and when they occur by debiting and crediting two separate accounts with equal amounts and a narration thereon. When the financial transactions take place in the government office, they have to be recorded systematically in the … Read more

What is Market Equilibrium | All about market equilibrium 2023

Market equilibrium is a state of perfect balance in the market brought about by the equality of market demand and market supply. Demand for a commodity varies inversely with its price and supply of a commodity varies positively with the price.  The functioning of the market economy lies in the interaction between demand and supply … Read more

Is Economics a Science or an Art?

Economists differ regarding the nature of economics. To know the nature of economics, it is necessary to know whether economics is a science or an art. Economics as a Science Science systematically traces the body of knowledge. The relevant facts are collected and analyzed systematically to trace the effects back to their causes. Just physics … Read more

Concept Of Utility

What is the concept of Utility in Economics The concept of ‘Utility’ was introduced by Jeremy Bentham in the 1780s. The concept was adopted in economics in the early 19th century with the works of Stanley Jevons, Alfred Marshall, etc. Utility refers to the power of a commodity or service to satisfy a human want. … Read more