Insurance meaning Insurance is an agreement between two parties, the insurer and the insured in which the insurer gives an indemnity to the insured in an event of financial loss, in exchange for a premium. In other words, it is a contract in which policy represents where an individual or an entity …
What Is Turnover? Turnover in business is the total sales which a business made in a particular period of time. Sometimes scholars refer to it as gross revenue or income. The term is different from profit which is the measure of earnings or the excess of sales over purchases and/or expenses. This …
Taxation is an important instrument the government employs to facilitate economic growth and development. It is the act of assessing taxes such as tax imposition and tax collection. What is a Tax? A tax is a compulsory contribution sum which the government or its agency levies on individuals and organizations or on …
What is public relations? Public relations (PR) is the process of making sure that members of the public receive the most favorable information/impression about the image of the firm as well as promoting mutual understanding with members of the public. Every firm strives head to publicize its image, how it functions, and …
What is a channel of distribution? A channel of distribution in marketing also known as a chain of distribution or marketing channel is a business chain or intermediaries through which the manufacturer or producer passes his products to the final consumer. Usually, the manufacturer cannot effectively get his goods to the buyer …
WHAT IS DEMOCRACY? Democracy is the world’s largest type of government, and it has received wide acceptance from people of different races and religions. No wonder the concept is known to be about the people, their beliefs, and values. And even countries that do not literally practice democracy in totality, feature some …
What is trade? Trade in economics is defined as the activity that involves the buying and selling of goods and services with compensation which the seller receives from the buyer. In other words, it is the exchange of goods and services between two or more parties for money or a value of …
What is a mixed economy? A mixed economy is an economic system in which capitalism and socialism exist in the same economy. Both the government and private individuals own and control the means of production. Both the public and private sectors decide on economic issues relating to what to produce, how to …