Management Different scholars gave different meaning to the term "Management" depending upon the context they are used. Some scholars believe that the management is the force that runs and responsible for the success and failure of the business while some believes that it is the art of getting work done through others. In other words, management is organization and coordination of the activities of a business in order to achieve defined objectives. Theo Heimann in his popular book 'Professional Management- Theory and Practice' has used the word 'management' in three different senses: 1) Management as a Noun : refers to a Group of Managers. 2) Management as a Process : refers to the Functions of Management i.e. Planning, Organising, Directing, Controlling, etc. 3) Management as a Discipline : refers to the Subject of Management. Definitions To manage is to forecast and plan, to organize, to command, to coordinate and to control. - Henry Fayo...
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CENTRAL PROBLEMS OF AN ECONOMY In every economy there are three central problems: - What to produce? - How to produce? - For whom to produce? 1) What to Produce? – Human wants are unlimited but resources to satisfy those wants are scarce. So, we have to decide which wants are to be taken on priority .It involves two fold decisions: i) The economy has to decide what goods and services are to be produced. ii) When economy has taken the decision as to what goods or services are to be produced, then it has to decide about its quantity. 2) How to Produce? – How to produce means how to organize production. This problem is concerned with the choice of technique of production. Generally, there are two technique of production i) Labour Intensiv...
MICROECONOMICS Introduction The term 'Micro' in English language means 'small'. Therefore, Micro economics study the economic problems at the level of an individual (an individual firm, an individual household, or an individual consumer. Definition According to Professor Boulding, “ Microeconomics is the study of particular firm, particular household, Individual price, wage , income, industry and particular commodity.” Scope of Microeconomics 1) Theory of Demand 2) Theory of Production 3) Theory of Price Determination 4) Theory of Factor Pricing Difference between Microeconomics and Macroeconomics Microeconomics Macroeconomics 1) Microeconomics studies economic problems at the individual level 1) Macroeconomics studies economic problems at the level of the economy as a whole. 2...
ECONOMICS Economics is a social science which studies how human beings make choices to use scarce resources to satisfy their unlimited wants. The term ‘Economics’ in English language has its origin in two Greek words- Oikos and Nemein. Oikos means household and nemein means management. Thus, economics means management of household. Wants of each household are unlimited but resources to satisfy those needs are scarce. So, people have to make choices among various available alternatives. Economics is the study of how human beings make choices to allocate scarce resources to satisfy their unlimited wants in such a manner that consumers can maximize their satisfaction, producers can maximize their profits and the society can maximize its welfare. Definitions of Economics 1) Wealth Definition- According to Adam Smith (the father of modern economics ), “Economics is an enquiry into the nature and causes of wealth of nations.” Criticism- T...
CENTRAL BANK The central Bank is the head of the banking system of a country. Central Bank occupies an important place in the monetary and banking system of every country. It is responsible for maintaining the economic stability of a country. In the words of Will Rogers , “There have been three great inventions since the beginning of time: fire, the wheel and the central banking”. The Reserve Bank of India (RBI) is the central bank in India. The Reserve Bank of India was inaugurated in April 1935 under the Reserve Bank of India Act,1934. Definitions Central Bank has one function. It operates to control economy, supply of money and credit. – Samuelson A central bank is a bank which constitutes the apex of the monetary and banking structure of its country. – De Kock Functions of Central Bank 1) Issuing of Notes- In modern times, central bank alone has the exclusive right to issue notes in every country of the world. 2) ...