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
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
The supply curve slopes upward because of the law of supply, which states that as the price of a good or service increases, the quantity supplied of that good or service will also increase, all other things being equal. This means that at higher prices, producers are willing and able to produce more of the … Read more
Have you ever thought about whether economics is a science or an art? For decades, economists, philosophers, and intellectuals have discussed this subject, and there is no clear consensus on the solution. Some consider economics to be a science, while others consider it to be an art. Whichever side you take, one thing is certain: … Read more
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