Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country. 1) Demand pull inflation : Demand pull inflation is nothing but a situation in the economy where Aggregate demand in an economy was more than the Aggregate supply.It means the prices of the goods will be most higher in this inflation situation. Which means more money for the fewer goods.And this Demand pull inflation happens only in the economy where the Employment rate was high. 2) Cost push inflation : Cost push inflation is nothing but a situation where there was a increase in the cost price of the inputs like rawmaterial etc., to make the final output.Due to the increase in cost price of the inputs there was an increase in the prices of the outputs.However the demand remain constant the prices of the output commodities will be increased automatically which leads to rise in the overall price level. 3) Difference between Demand pull inflation and Cost push inflation : In case of demand pull inflation , the inflation was caused by the increase in demand for the product due to that the prices of the commodities will be increased which leads to the demand pull inflation.But in case of Cost push inflation the inflation was caused due to the increase in prices of the input factors that is rawmaterial, labour etc., which leads to Cost push inflation.

The approach to cash balances is in many respects superior to Fisher's approach to money theory of quantities. The approach to cash balances underlines the importance of keeping cash balances instead of providing money at a given point in time. It led to support his theory of preference for liquidity and interest rates and to include monetary value and the theory of production. The version of the quantity theory in cash balance is superior to the transaction version as the first calculates money value in terms of demand and supply. It is therefore an entire theory. However, the value assessment of money is divorced artificially from the theory of value in the transaction approach. The cash balance approach is better than the transaction approach because they are entirely discard the concept of the speed of money movement which 'obscures people's motivations and decisions. Again the version of cash balances is realistic more than the version of the transactions, as it relates to the short period, the latter to the long period. " Therefore, it is unrealistic to examine the relationship between the value of the money and the price level. Transactions concerning final commodities shall only be included in the cash balances when P refers to the final commodity level. Equation P, on the other hand, covers all kinds of transactions. The real price level is thus difficult to determine. The former equations are therefore simpler and more realistic.

1). Exclusion of Real Transactions: Only those products that are acquired and sold through the market are included when evaluating national income from the output side. To put it another way, GDP comprises the monetary value of goods sold on the open market at current prices. All direct sales of various goods and services, on the other hand, are prohibited Barter transactions and numerous free services provided on a personal level are examples. Because these services are not purchased through market transactions, the value of these services is not included in GDP. 2). The Worth of Leisure We all place a monetary value on our time. We sell part of our time to employers in exchange for money, but we keep a lot of it for ourselves. Some of this leisure is spent on domestic services that aren't counted as part of GDP. The pleasure we derive from recreational pursuits and other leisure activities is not accounted for in GDP. 3). Environmental Damage Expenses: A country's citizens may be able to enjoy more and better goods and services each year, but they must also endure greater traffic, bad air, polluted water, and other environmental costs that lower their quality of life. Pollution and other characteristics of industrial activities that harm the environment are related to costs. When calculating GDP, the costs of environmental degradation are not deducted from the market value of final items. 4). Measuring National Income: India has a large hidden economy. This economy is made up of transactions that are never disclosed to taxing authorities or other government agencies. It comprises unlawful products and services transactions such as the sale of hazardous narcotics, gambling, smuggling, and prostitution. These unlawful goods and services are finished things that are not counted as part of the GDP. People who do not comply with tax rules, immigration laws, or government restrictions, and who do not report their income to tax authorities, are also part of the underground economy. 5). Transfer Payments and Capital Gains: All domestic transfer payments (personal, private, and government) are not included in a country's national income. If a person receives a monetary present from his father, who is also an Indian resident, it will not be counted as part of India's national income. If a student wins a Tata Foundation Scholarship for higher education, the same rationale applies. This is an example of a payment made by a company to another company

Under this approach, the economy is divided into four sectors: household, business, government, and foreign sector. GDP (Gross Domestic Product) = C+Ig+G+NX where C (consumption)- this is the expenditure of the household sector. It includes household spending on durable goods, non-durable goods, and services. Ig (gross private domestic investment)- this component includes purchase of new capital goods, changes in business inventories, purchase of new residential housing, and consumption of fixed capital (depreciation) G (government spending)- this is the expenditure made by the government such as education and defense expenses. Transfer payments made by the government are not included in this component. transfer payments- these payments are made by the government for which it does not receive any good or service in return. example- subsidy NX (net exports)- it is the difference between exports of goods and services and imports of goods and services. Now, after calculating GDP, NDP (Net Domestic Product)- GDP- Depreciation NI (National Income)= NDP- Net foreign income earned in the economy- Indirect Taxes

The marginal efficiency of capital (MEC) is that rate of discount which would equate the price of a fixed capital asset with its present discounted value of expected income. Marginal efficiency of investment, in economics, expected rates of return on investment as additional units of investment are made under specified conditions and over a stated period of time. A comparison of these rates with the going rate of interest may be used to indicate the profitability of investment. It is calculated as the profit that a firm is expected to earn considering the cost of inputs and the depreciation of capital. Investment is inversely related to interest rates, which are the cost of borrowing and the reward to lending. Investment is inversely related to interest rates for two main reasons. Firstly, if interest rates rise, the opportunity cost of investment rises. This implies higher investment spending with a lower interest rate. When GDP increases, the output and the capacity utilization increases. This results in an increase of capital investment.

There are a quite only a few methods, the standard methods which are employed by Fed in order to measure the money supply in the Economy. Money supply is the flow of money in the economy at a particular point of time. Money supply measurement is done on the basis of the activities that are taking place in the economy. Money supply is not just the currency or money in circulation but it is more than that. After reading how economists looks at various forms of money you will get an idea of how money supply might be measured. Money supply can be defined in the following ways- 1. M1 : This is the definition of money which a layman thinks of. Yes, the currency in circulation in the economy. So it will include all the notes, coins, may be traveller's cheques etc. 2. M2 : M2 is a broader term than M1. M2 includes M1 plus the liquid money as savings which can be converted to cash in no time. M2 = M1 + Small savings accounts, Short term deposits and money market investments. 3. M3 : M3 is above all broader, it includes M2 and Long term deposits also, Large Money Market investments(long term), repurchase agreements normally used by large corporates. From 2006 onwards, Fed uses only M1 and M2 to measure the money supply in the economy.

The consumption function in its simplest linear form is written as, C = a + bY Here, C represents the level of consumption. ‘a’ represents the level of autonomous consumption. ‘b’ reflects the marginal propensity to consume and Y is the income level. Autonomous consumption can be defined as consumption levels that do not depend on the level of income. Autonomous consumption remains constant and does not change with the level of income. ‘bY’ together reflects induced investment which is affected by the level of income. The marginal propensity to consume is a measure that reflects the quantitative change in consumption levels due to a change in the level of income. In other words, it shows the change in consumption due to a change in income levels. Marginal propensity to consume or MPC can be represented as MPC = ΔC/ΔY Here, ΔC represents a change in consumption and ΔY shows the change in income. First of all, the income of the consumer is the most important factor which affects consumption. Consumption varies directly along with the level of income. An increase in the income level will cause an increase in consumption as well. However, the rate of increase may vary. Secondly, the distribution of income also affects consumption. Unequal distribution of income lowers consumption levels as a large share of income remains in the hands of a few. An equal distribution of income usually increases consumption levels. Thirdly, interest rates are also an important factor that affect the level of consumption. When interest rates are high, consumers will tend to save more rather than consuming. So, we can say that there is a negative relationship between consumption and interest rate. Consumer expectations also play an important role in determining consumption. If consumers expect a price rise or shortage in the future, they will tend to purchase a certain good in a larger quantity than usual. Lastly, the fiscal policies of the government also play a crucial role in the determination of income. A tax rise will reduce disposable income in the hand of the consumer thus reducing the level of consumption. Similarly, an increase in government spending will increase income levels thus increasing consumption.

National income is the total income earned in a nation. Gross domestic product (GDP) measures the value of all final goods produced within a nation's borders. Gross national product (GNP), the other common measure, counts all income accruing to factors of production owned by a nation's citizens. The value of all final output equals the sum of all factor payments. I) National income statistics helps to conduct a useful analysis considering the structure of the economy by the government. It helps to understand which sectors of the economy are contributing greatly towards the development and the contribution of each towards the national income. Thus, it roughly gives the idea of the structure of the economy and helps in planning and framing economic policies. II) factor cost is the cost that is used up to make good or service. However, market price is the final price in the market that include the taxes. Thus, the difference between national income at market price and factor cost is the net indirect tax I.e. taxes less subsidies. Limitations Double counting: Sometimes, the same component is counted twice if it has been used in the production process. This may lead to inaccurate calculation of GDP. Ignores nonmonetary transactions: Certain transactions such as the services of a housewife, a teacher teaching his own son, etc. are completely ignored while estimating national income. Due to this, the important component is ignored. Ignores goods produced for self-consumption: National income only includes those transactions which are related to the market. Therefore, goods that are produced for self-consumption such as food grains for a farmer's family are not used in calculating national income. Choice of method: Since there are various methods to calculate national income, it is important to use the correct one while estimating it. The components which are given must be studied carefully and then only the appropriate method should be used.

The quantity theory of money states that the quantity of money is the main determinant of the price level or the value of money. Any change in the quantity of money produces an exactly proportionate change in the price level. In the words of Irving Fisher, “Other things remaining unchanged, as the quantity of money in circulation increases, the price level also increases in direct proportion and the value of money decreases and vice versa.” If the quantity of money is doubled, the price level will also double and the value of money will be one half. On the other hand, if the quantity of money is reduced by one half, the price level will also be reduced by one half and the value of money will be twice. Fisher has explained his theory in terms of his equation of exchange: PT=MV+ M’ V’ : Where P = price level, or 1 IP = the value of money; M = the total quantity of legal tender money; V = the velocity of circulation of M; M’ – the total quantity of credit money; V’ = the velocity of circulation of M; T = the total amount of goods and services exchanged for money or transactions performed by money. This equation equates the demand for money (PT) to supply of money (MV=M’V). The total volume of transactions multiplied by the price level (PT) represents the demand for money. According to Fisher, PT is SPQ. In other words, price level (P) multiplied by quantity bought (Q) by the community (S) gives the total demand for money. This equals the total supply of money in the community consisting of the quantity of actual money M and its velocity of circulation V plus the total quantity of credit money M’ and its velocity of circulation V’. Thus the total value of purchases (PT) in a year is measured by MV+M’V’. Thus the equation of exchange is PT=MV+M’V’. In order to find out the effect of the quantity of money on the price level or the value of money, we write the equation as P= (MV+M’V’)/T Fisher points out the price level (P) (M+M’) provided the volume of tra remain unchanged. The truth of this proposition is evident from the fact that if M and M’ are doubled, while V, V and T remain constant, P is also doubled, but the value of money (1/P) is reduced to half. Criticisms of the Theory: The Fisherian quantity theory has been subjected to severe criticisms by economists. 1. Truism: According to Keynes, “The quantity theory of money is a truism.” Fisher’s equation of exchange is a simple truism because it states that the total quantity of money (MV+M’V’) paid for goods and services must equal their value (PT). But it cannot be accepted today that a certain percentage change in the quantity of money leads to the same percentage change in the price level. 2. Other things not equal:: The direct and proportionate relation between quantity of money and price level in Fisher’s equation is based on the assumption that “other things remain unchanged”. But in real life, V, V and T are not constant. Moreover, they are not independent of M, M’ and P. Rather, all elements in Fisher’s equation are interrelated and interdependent. For instance, a change in M may cause a change in V. Consequently, the price level may change more in proportion to a change in the quantity of money. Similarly, a change in P may cause a change in M. Rise in the price level may necessitate the issue of more money. Moreover, the volume of transactions T is also affected by changes in P. When prices rise or fall, the volume of business transactions also rises or falls. Further, the assumptions that the proportion M’ to M is constant, has not been borne out by facts. Not only this, M and M’ are not independent of T. An increase in the volume of business transactions requires an increase in the supply of money (M and M’). 3. Constants Relate to Different Time: Prof. Halm criticises Fisher for multiplying M and V because M relates to a point of time and V to a period of time. The former is a static concept and the latter a dynamic. It is therefore, technically inconsistent to multiply two non-comparable factors. 4. Fails to Measure Value of Money: Fisher’s equation does not measure the purchasing power of money but only cash transactions, that is, the volume of business transactions of all kinds or what Fisher calls the volume of trade in the community during a year. But the purchasing power of money (or value of money) relates to transactions for the purchase of goods and services for consumption. Thus the quantity theory fails to measure the value of money. 5. Weak Theory: According to Crowther, the quantity theory is weak in many respects. First, it cannot explain ’why’ there are fluctuations in the price level in the short run. Second, it gives undue importance to the price level as if changes in prices were the most critical and important phenomenon of the economic system. Third, it places a misleading emphasis on the quantity of money as the principal cause of changes in the price level during the trade cycle. Prices may not rise despite increase in the quantity of money during depression; and they may not decline with reduction in the quantity of money during boom. Further, low prices during depression are not caused by shortage of quantity of money, and high prices during prosperity are not caused by abundance of quantity of money. Thus, “the quantity theory is at best an imperfect guide to the causes of the trade cycle in the short period” according to Crowther.

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Bookkeeping is concerned solely with the recording of financial transactions, whereas accounting is concerned with the interpretation, analysis, classification, reporting, and synthesis of a company's financial data.

1 - Think of a Good Business Concept 2- Validate Your Business Idea 3- Obtain a Name and a Logo for Your Company That Are Memorable 4. Create a detailed plan for your company. 5 - Understand Business Finances 6. Select the Appropriate Financial Institution for Your Start - ups 7 - Determine the Organizational Framework for Your Start - ups 8. Obtain All Necessary Licenses and Permits 9 - Make a Decision Regarding the Software Systems That Will Be Used for Your Start up 10: Make Sure Your Start - up Has a Strong Online Presence 11 - Construct Your Workforce 12 - Construct an Outstanding Item 13 - Get Your Business Off the Ground 14 - Develop Your Skills as a Sales Professional 15: Invest and Grow: Make Sure You Have an Impressive Pitch Deck for Investors

Journal is a subsidiary book of account that records transactions. Ledger is a principal book of account that classifies transactions recorded in a journal.

Definitely. If you are looking out to learn about management and business skills, no other degree can match BBA. If you wanna pursue towards accounting B.Com will help you more than BBA

The concept of a new and improved internet has been collectively referred to as Web3 in recent years. Blockchain technology, virtual currencies, and non-fiat tokens (NFTs) are at the heart of Web3's plan to return ownership and control of digital assets to their respective users.

Torque needs to be applied in order to change the angular momentum of a body when the body is free to rotate around an axis. The amount of torque that must be applied to the body in order to produce a specific angular acceleration (the rate at which the body's angular velocity changes) is proportional to the body's moment of inertia.

The term "cost" refers to the amount of money that has been spent or is expected to be spent on a specific item or activity in the future or in the past. Students frequently confuse the concepts of costing and cost accounting with cost accountancy, despite the fact that these three terms are related to one another. Costing refers to the process of determining how much it will cost to produce a product or provide a service at each stage of the production process. Cost accounting involves the recording of income and expenses, the determination of costs, the preparation of periodic statements and reports, and the presentation of the same to the management of the company in order to assist them in the process of decision making.

Businesses can be categorised based on the type of work they do, who owns them, how they are structured organizationally, the number of workers they employ, or both. The words "firms," "companies," "establishments," "corporations," "organisations," and "institutions," to name just a few examples, are examples of common terms. Although they are often used interchangeably, these terms refer to distinct types of business environments. This type of company engages in the business of selling products and services for the purpose of making a profit, most commonly professional services. Even though a company can offer its goods and services in more than one location, it is still considered to be a single entity because it is owned by the same people and must therefore have the same Employer Identification Number. Firms such as accounting firms, consulting firms, law firms, and graphic design firms are examples of different types of firms. The Internal Revenue Service does not exercise operational control over a company.

Journal is a subsidiary book of account that records transactions. Ledger is a principal book of account that classifies transactions recorded in a journal.

The final accounts are the accounts that are prepared by a company when it has completed all of the steps in the accounting process or cycle. They demonstrate whether a company made a profit or loss in addition to presenting the company's current financial position. They present the journal entries that were produced by the company in a manner that can be comprehended by the creditors, shareholders, and investors.