What is Socialism? Socialism is an economic system in which the government is in full ownership and control of all means of production. The economic system is after basic needs rather than being self-centered. Earning personal profits is not the sole aim. Socialism considers basically the needs of society. As a result …
What is Capitalism? Capitalism is an economic system in which private individuals own and control means of production. Here, private individuals and private businesses own capital goods or factors of production. The forces of demand and supply form the basis for the production of goods and services. This economic system is also …
Definition of Fixed Mindset A Fixed Mindset is a term used to describe the condition of people who believe that their qualities and abilities are fixed and cannot change. It is the state of mind (which eventually reflects on actions and disposition), that makes people view success through the lens of predestination, …
What is opportunity cost? Opportunity cost is simply the value of the alternative foregone. It represents the ability for an individual, investors, or businesses from the alternative they miss out on while trying to choose one over the other. Opportunity cost is a major concept in Economics. When economists use the word …
Corporation in Business A corporation in business (corporate business) is a legal entity which individuals, stockholders, or shareholders established with the purpose of making a profit. It is a single entity that may comprise individuals or a company but it is a separate legal entity from its owners. Corporations are allowed to …
What is an LLC (limited liability company)? A limited liability company (LLC) is a business formation that offers limited liability protection and pass-through taxation. Like corporations, it has a separate legal entity from its owners. This means that the owners are not personally responsible for the debts and liabilities of the business. …
GROWTH MINDSET DEFINITION A growth mindset is the tendency to believe that you can grow and make headway in any given endeavor. It is the mentality that sees an opportunity for development even in seemingly difficult situations. WHAT IS GROWTH MINDSET? A Growth Mindset is one that makes people believe that their …
What is partnership in business? Partnership in business refers to a formal arrangement by two or more persons to manage and operate a business and share the profits. We can define it as an unincorporated business in which an association of two to twenty persons. It is usually formed by a legal …