Is Management an Art or Science? Students always ask this question, Is management an Art or Science? In this article, we will consider some factors that classify management as an art and also management as a science. In the words of LUTHER GULLICK, management is regarded as a science because it involves a systematic principle […]
Is Management An Art or Science? Read More »
Definition of Management What you’ll learn. Definition of management Meaning of management by different authors, and different basis for their definition The nature and features of management. What do you understand by management? In simple words, management means using the available resources in the best possible manner for the purpose of achieving a stated goal
Definition Of Management Read More »
Theory of Consumer Behaviour assumes that you can only order or arrange your preference in order of priority, you cannot quantify the level of your satisfaction. After reading this summary, you’ll have a clear understanding on the theory of consumer behavior, I will also introduce you to the concept of the indifference curve, budget lines,
Consumer Behaviour – Theory of Consumer Behaviour Read More »
Generally, the more of a particular commodity human being possesses the less the intensity for more. Hence man’s subsequent unit, desire diminishes. The law of diminishing marginal utility was first formulated in 1854 by Hermann H. Gossen, though the name was given by Alfred Marshal and Jevons calls it Gossen’s first law. Gossen defines it
Law of Diminishing Marginal Utility Read More »
Elasticity concepts generally deal with the response(s) of demand or supply to its determinant; in the course of our discussion of demand and supply, their determinants were discussed. The Elasticity of Demand and Supply. Elasticity measures the extent of change in the quantity of a commodity demanded by a consumer or supplied by the producer,
Elasticity Of Demand – Types of Elasticities Read More »
The concept of price theory came into being as a concept of valuation, i.e. the medium through which values are attached to goods and services. The concept of price theory arises as a result of the introduction of money into the economy. Supply and Demand The theory of price involves the process by which the
Supply And Demand | Price Theory Read More »
Scarcity | Choice | Opportunity Cost Three big questions summarise the scope of economics- How do choices end up determining what, how, and for whom goods and services are produced? Goods and services are the objects that people value and produce to satisfy human wants. What we produce varies across countries and changes over time.
Basic Economic Problem Read More »
Monetary Policy Monetary policy refers to the combination of measures designed to control the supply of money and credits conditions in an economy for the purpose of achieving macroeconomic goals. In other words, it is the regulation of money supply, interest, and exchange rate through the monetary authorities with the view of achieving macroeconomic objectives.
Monetary Policy – Objectives of Monetary Policy Read More »
In this summary on Inventory Control, I will briefly explain the terminologies being used in this topic and also state their formulas in a way you can easily remember. NOTE: These formulas have been abbreviated in this article just for reference purposes and to help you remember them without stress. Please do not abbreviate while
Inventory Control Formulas and Terms +Video Guide Read More »
Different people involved in one business or the other will be interested in the accounting information of such business organizations. The accountant needs to take cognizance of the fact that various people will be interested in the accounts, hence he or she needs to prepare it in a manner that will present a true and
Users of Accounting Information Read More »
Accounting Concepts And Convention Accounting concepts are broad working rules adopted by the accounting profession as guides for recording and reporting the affairs and activities of corporate organizations. In this article, I summarised the basic concepts which are to be observed at the reporting stage. i.e., at the time of preparing the final accounts. Subscribe
Accounting Concepts And Convention Read More »
First of all, you can recollect from your daily activities that you incur expenditure on various items every day. You buy food items, stationery, cosmetics, furniture, etc. Some of them are consumables and some are durables. The benefits of expenditure on consumables like stationery, cosmetics, food items, etc., are derived over a short period, but
Revenue Expenditure & Capital Expenditure Read More »