For example, choosing public transportation to travel to a particular destination by foregoing the option of traveling in one's own car is a good... View Article
The opportunity cost to produce additional goods will increase as the production of one good is increased as per law of increasing opportunity... View Article
Opportunity Costs help in maximising economic profits, and help in deciding efficient utilisation of available resources. Resources like capital,... View Article
Opportunity cost is used for understanding what alternative must be given up and which alternative must be chosen. It helps businesses,... View Article
The different types of opportunity cost are explicit cost and implicit cost. Under explicit cost, the burden of opportunity cost is transferred... View Article
Opportunity cost is also known as economic cost. An example is, if more resources are used to produce cotton, then less resources will be... View Article
No, the cheque is not a legal tender. Postal orders, bills of exchange, bank drafts are also considered as non-legal tenders. Bank notes and... View Article
Currency notes and coins are known as fiat money. Currency notes and coins are legal tender. They do not have intrinsic value like silver or gold... View Article
Because demand deposits can be rejected by anyone as a mode of payment. Hence, it is a non-legal tender. Banknotes cannot be rejected by anyone,... View Article
When the legal tender can be accepted without any limit, then it is known as unlimited legal tender, when the legal tender is accepted with a... View Article
Banknotes and coins are two types of legal tender money in India. Every banknote issued by Reserve Bank of India (₹2, ₹5, ₹10, ₹20, ₹50, ₹100,... View Article
No, a shop cannot refuse a legal tender. Legally it should be accepted. Hence it is known as legal tender. However, there is no obligation to... View Article
Yes, paper is a legal tender. It is a medium of exchange for services and goods in an economy. Bank notes are paper money. You can read about the... View Article
Bills of exchange, bank drafts, postal orders, and cheques are examples of non-legal tender money. These types of money are usually accepted but... View Article
Legal tender means banknotes and coins which are offered in payment of debts and which must be accepted.You can read about the RBI - Know More... View Article
Repo Rate is one of the tools used by the Reserve Bank of India (RBI) to keep inflation under control. Repo rate is the rate at which the Reserve... View Article
The Thirty-Sixth Amendment, 1975 of the Indian Constitution made two important changes. They are as follows: Sikkim was made a full-fledged... View Article
The Scheme will be implemented by Khadi and Village Industries Commission (KVIC), a statutory organization under the administrative control of... View Article
