Bandwagon Effect

Refers to the effect whereby as the price of the goods falls and demand by some sections or individuals in the community expands, other individuals or sections imitate the reactions and expand their demand also.

Bank Credit

Refers to the lending by the banking system, by whatever means: bank advances, discounting bills or purchasing securities.

Balance of Trade

Refers to the relationship between the values of a country's imports and exports, i.e., the 'visible' balance. These items only form a part of the balance of payments, which also get influenced by

1. 'invisible' items and
2. movement of capital.

Balance of Payments

Refers to the relation between the payments of all kinds made from one country to the rest of the world and its receipts from all other countries.

Balance Sheet

This is an ordered statement of

1. the economic resources or assets of a company or other business organisation, each item having a value set upon it;
2. the financial claims of persons or organizations upon the value of these assets.

Balanced Budget

A budget is said to be a balanced budget when current income equals to current expenditure.

Bad (Economy)

Means a commodity or product which produces disutility for its consumer.

Average Revenue

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Refers to revenue per unit output.

Backward Linkage

Refers to the relationship between an industry or firm and the suppliers of its inputs. A change in the output of the industry willget transmitted backwards to the suppliers of its inputs by changing in demand for inputs.

Backward Integration

The expansion of a business which takes the form of acquiring control over firms supplying it with its raw materials.

Combustion

Burning substances in oxygen or air is called combustion.

Reduction

Removal of oxygen from a compound is called reduction.

(Or)

Gain of electrons is called reduction.

Oxidation

The chemical reaction of any substance with oxygen or removal of hydrogen from a substance is called oxidation.

(Or)

Loss of electrons is called oxidation.

Catalyst

Catalyst is a substance which alters the rate of a chemical reaction, without itself undergoing any permanent chemical change.

HYDROGENATION OF OILS

Conversion of vegetable oils into solid fats by passing hydrogen through them under pressure is called hydrogenation of oils.

OXY-HYDROGEN FLAME

Hydrogen generates enormous heat (2400°c) when it burns in the presence of oxygen. It is used for cutting and welding metals.

Chlorination

In this process a small quantity of chlorine is added to water in order to kill the microbes which cause illness.

Hard Water

Water which does not produce lather property with soap is called hard water.

Soft Water

Water which produces lather sufficiently with a soap is called soft water.

Secure Socket Layer

SSL An acronym for Secure Socket Layer, it is an encryption mainly used for eCommerce websites for secure payments through credit cards. When you use SSL in your site, you will find ‘https://’ in the address bar on the secure page.

LAW OF MULTIPLE PROPOSITION

The weight of one element that separately combine with a fixed weight of another element to form two or more compound tears a simple integral ratio.

LAW OF DEFINITE PROPOSITION

When two or more elements combine to form a compound, they combine in a fixed ratio of their weights. The ratio is independent of the method of formation of the compound.

LAW OF CONSERVATION OF MASS

During a chemical change matter is neither created nor destroyed but it undergoes physical and chemical change.

Average cost

Average cost is the cost per unit of output, where the cost of all inputs (factors of production) are included.

Authority

Authority may be defined as the force to command others, to act or not to act in a manner deemed by the possess of the authority to achieve organisational objectives. It creates a relationship between the superior and the subordinate.