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IFRS (International Financial Reporting Standards), the most widely used financial reporting system, defines: “An asset is a present economic resource controlled by the entity as a result of past events. An economic resource is a right that has the potential to produce economic benefits.” The definition under US GAAP (Generally Accepted Accounting Principles used inContinue reading “What are Assets?”

Smith published his most important work, “An Inquiry into the Nature and Causes of the Wealth of Nations” (shortened to “The Wealth of Nations”) in 1776 after returning from France and retiring to his birthplace of Kirkcaldy, Scotland.5 In “The Wealth of Nations,” Smith popularized many of the ideas that form the basis for classicalContinue reading “The Wealth of Nations”

The term Economics originates from the word ‘oikonomia’ meaning household Economics. Economy is thus the study of how to transform scarce resources into goods and services to satisfy our wants and how we distribute it. This definition is still incomplete as it focuses on fixed resources. The two main concepts of modern Economics is notContinue reading “What is Economics about?”