Value Added – Meaning, Definition & Concepts
Posted inEconomics

Value Added – Definition, Types & Concepts

The added value or value added is the additional utility that has a good or service as a consequence of having undergone a transformation process. In other words, the value of a product or service is worth more than the sum of the resources used. This transformation process from a series of elements to a final element produces added value.
Posted inBiography Economics History Studies

William Stanley Jevons | Biography, History, Theory & Political Economics

William Stanley Jevons was an English economist and logician, known for pioneering the Marginalist Revolution and for his use of the differential calculus in economics. William Stanley Jevons (1835-1882) was born in Liverpool to a wealthy merchant family. He entered  University College London , but due to the bankruptcy of the family businesses, he had to withdraw from studies and travel to Sydney, Australia to work for several years at the Mint.
Posted inDifference Between Government & Politics

Difference Between Responsible and Representative Government

The difference between representative government and responsible governments depends on the nature of the legislature and the relationship between it and the executive. If the legislature is elected by the people, the system of government is representative and this is the ordinary system in all democracies, except in one-party states. In one party states where there is only one officially-recognized political party, there is no real choice between candidates and programmes.