19Oct 2018 by admin

10 Major Differences between Micro and Macro Economics – Explained!

Industry
The Major Differences between Micro and Macroeconomics are mentioned below:1. The word ‘Micro’ means small. It is a study of individuals or groups. According to Shapiro “Microeconomics deals with small parts of the economy.” It is a piece meal study. On the other hand, ‘Macro’ means large. It is a study of economy as a whole. ADVERTISEMENTS: 2. Microeconomics is a study of particular households, particular firms, particular industries, particular commodities, particular prices etc. On the other hand, Macroeconomics deals with aggregate of these quantities, not with individual incomes but with the national income, not with individual prices but with the price level, not with individual output but with the national output.3. The objective of microeconomics is to maximise utility or maximisation of profit or minimisation of cost. But the…
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19Oct 2018 by admin

5 Main Features of Marshall's Welfare-Oriented Theory

Business
The main features of Marshall welfare-oriented theory, which gave primary importance to man and his welfare, are as below: Image Source: d39ya49a1fwv14.cloudfront.net (i) Study of man kind: Economics deals with ordinary men and women, who have feeling of love, affection, and friendship and do not get motivated merely by the desire of availing themselves of the maximum monetary benefits. (ii) Study of material welfare: ADVERTISEMENTS: Economics does not study all types of human activities but only a part of those activities related to material welfare. (iii) Study of social man: Economics is a Social Science, which attempts to study the ordinary business of life of the persons living in society and influencing each other. That ordinary business of person refers to the activities of earning and spending the income for…
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19Oct 2018 by admin

Short Speech on “Charity”

Management
Charity is an act of kindness where a person who has more than enough of what he or she needs contributes a part of his or her surplus income for the fulfilment of the needs of those who are less capable.Charity is possible in various forms. The broader meaning of charity is donating money to an organization; governmental and non- governmental for the fulfilment of the purpose for which it has been established.There are thousands and thousands of charitable organizations all around the globe; you just need to find out who deserves your help the most. There are charitable organizations for the handicapped and the disabled, for the poor, for educating the illiterate, for uplifting the status of woman in the society and many more. It is good if one…
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19Oct 2018 by admin

Essay on “Good Governance” (India)

Management
As the term suggests, good governance means governing the people in a way that the interests of the people of all sections are preserved rightfully.A good and generous government is one where all the individuals, in today’s world say almost all the individual’s rights are protected and they feel that they are not discriminated from one another on the grounds of cast, creed, sex, race and religion.If we talk about India, the best example of good governance was seen when Lord Ram ruled his kingdom of Ayodhya. It was a time when all the people were happy and content within themselves and considered the king or the ruler as the messenger of God. Image Source: allgodwallpapers.com ADVERTISEMENTS: But today in this 21st Century sadly it is very difficult to find…
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18Oct 2018 by admin

26 Multiple Choice Questions (MCQs) with Answers on Management of Natural Resources

Management
1. The multi-crore project about the Ganga Action Plan came (A) 1905(b) 1955 ADVERTISEMENTS: (c) 1985(d) 1995. Image Source: naturalresources.house.gov2. The Ganga runs from Gangotri through a hundred towns and cities in ADVERTISEMENTS: (a) Uttar Pradesh(b) Uttar Pradesh and Bihar(c) Uttar Pradesh, Bihar and West Bengal(d) Uttar Pradesh, West Bengal and Haryana ADVERTISEMENTS: 3. Water pollution can be identified by testing its (a) PH level(b) Biological Oxygen Demand (BOD)(c) Both (a) and (b)(d) None of these. 4. The three R’s to save the environment are (a) Reserve, Reduce, Recycle(b) Reuse, Reserve, Reduce(c) Reserve, Reuse, Reduce(d) Reduce, Recycle, Reuse.5. Why should we conserve biodiversity? Because (a) We should preserve the biodiversity we have inherited(b) A loss of diversity may lead to a loss of ecological stability(c) Both (a) and (b)(d) None…
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18Oct 2018 by admin

4 Main Advantages and Disadvantages of Cooperative Organization

Marketing
Cooperative organizations are those organizations, which are different from the rest, as they are formed not for the purpose of making profit but to provide its members goods and services at reasonable rates. This form of organization primarily protects and safeguards the economic interests of its members. Image Source: financialfreedomcreator.comThus, cooperatives are voluntary associations, formed with a service motive; the primary source of income being the members’ shares, they get dividend on trading surplus, if any. The organization functions as a separate legal entity in a democratic way and is governed by the state regulation. ADVERTISEMENTS: There are different types of cooperatives like consumers’ cooperatives, producers’ cooperatives, marketing cooperatives, housing cooperatives, credit cooperatives, farming cooperatives, etc. The structure of a cooperative organization ensures:i. All members have an equal say (one…
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18Oct 2018 by admin

Useful Notes on FDI-Related Entry Modes (Branch Office, Joint Venture, Wholly Subsidiary and Umbrella Holding Company)

Accounting
FDI-related entry mode involves actual ownership of property, projects, and businesses in a host country. An FDI project means greater control over the operations and involves higher risk and longer-term financial commitment as compared to earlier two entry modes. Image Source: i.ytimg.comOne goes in for FDI related mode only as part of grand strategy, hence takes a keen interest. FDI- related entry modes are – Branch office, joint venture, wholly owned subsidiary, and umbrella holding company. The Branch Office: ADVERTISEMENTS: “A branch office is a foreign entity in a host country in which it is not incorporated that exists as an extension of the parent and is legally constituted as a branch.” In many countries the corporate law allows such branch offices to engage into production and operating activities. However,…
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18Oct 2018 by admin

What are the main differences between International and Domestic Businesses?

Accounting
International business is the outgrowth of domestic business. Most of the multinational enterprises (MNEs) started their operations in the domestic market. Yet, it is a fact that international business differs from domestic business in many ways (see Table 1.1). Domestic business occurs within the boundaries of a single nation, whereas international business transactions cross national borders. Image Source: blogs-images.forbes.comDue to the cross over, the firm has to deal with the forces of three types of environments, viz., domestic, foreign, and international. Cultural, political, legal, trade and technological environments overseas are likely to be different. Not only different! But also varying from country to country and region to region within one country. ADVERTISEMENTS: Renault’s “people’s car the Logan, was a hit in Eastern Europe and other parts of the world, but…
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18Oct 2018 by admin

Which Advantage is called as the Economics of Scope in a Firm?

Management
Beside scale effect, a firm can also reduce average cost of production by increasing the number of related products in its portfolio. That is, a multiproduct firm may produce and market its products at a lower cost than manufacturing each of the products separately by different single- product firms. This advantage is called economies of scope. Image Source: globalhealthhub.orgLet x and y represent output of two different but related products. C (Q, 0) denotes total cost associated with production of QX quantity of x alone and C (0, QY) stands for total cost of producing QY quantity of y alone. C (QX, QY) represents total cost of producing QX quantity of x and QY quantity of y by one firm. Mathematically, an economy of scope exists in a two-product firm…
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18Oct 2018 by admin

What are the 4 Types of Coordination in Organizations? – Explained!

Management
4 Types of Coordination in Organizations are as follows:i. Vertical Coordinationii. Horizontal Coordination ADVERTISEMENTS: iii. Internal Coordinationiv. External Coordination Image Source: wexlerlawgroup.com i. Vertical Coordination: Vertical coordination is the coordination between different levels of the organization to ensure that all levels of organization are in harmony with the organizational policies and programmes. This is achieved through delegation of authority by directing and by controlling. ii. Horizontal Coordination: ADVERTISEMENTS: Horizontal coordination is the coordination between departments on the same level of managerial hierarchy. Coordination between production and marketing departments at the same level or organizational hierarchy is an example of horizontal coordination. This is achieved by forming cross-functional teams and self-managed teams. iii. Internal Coordination: Vertical and horizontal types of coordination, if carried out within an organization, are called internal coordination.…
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