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DELEGATION AND DECENTRALISATION DELEGATION   Meaning -  Delegation of authority is a process by which a manager assigns some of the tasks within his work to his subordinate on selective basis, allows him to exercise authority on his behalf to accomplish the tasks and makes him accountable for the performance. Elements of Delegation Responsibility: Responsibility denotes the work or duties assigned to a person by virtue of his position in the organisation.It refers to mental and physical activities which must be performed to carry out a task. In order to enable the subordinate to perform his responsibility well, the superior must clearly tell the former as to what is expected from him. Authority: Authority is the right granted to an employee to make possible the performance of work assigned.power to use raw material, spend money, or ask for allotment of money, to hire and to fire, etc. has to be delegated to individuals to whom the work is assigned.  Accountability: Accoun...

WHAT IS MANAGEMENT? The term management is defined as an essential part of any goal oriented activity. Every organisation requires planning of activities, organisation of resources, establishment of communication system, leading and motivation of people, and control of operations for the realization of its goals. PROCESS OF MANAGEMENT   The elements of management process of management are stated as below:- (i) Planning :- It means determining the objectives of the unit or activity It involves deciding in advance what is to be done, how and when. (ii) Organising :- It refers to identification of activities to be carried out, grouping of similar activities and creation of departments. (iii) Staffing:- It involves manpower planning employment of personnel and their trainings.  (iv) Directing :- It includes communication with subordinates, providing them leadership and also motivating them. (v) Controlling :- It refers to comparing the actual performance with the plans or standar...

TYPES OF COMMERCE ACTIVITIES  Numerous activities are necessary to remove the obstacles or hindrances in the way of exchange of goods and services. Each group of activities undertaken to remove a particular obstacle takes the form of the branch of commerce. The branches of commerce can be classified into two broad categories viz (i) Trade , and (ii) Services which facilitate trade and industry.  TRADE  Trade refers to the sale, transfer or exchange of goods and services. It constitutes the central activity around which the services like banking, transportation, insurance, packaging, warehousing, and advertising cluster. Trade is actual purchase and sale of goods in a market.  Trade may be classified into following two broad categories:- (i) INTERNAL OR HOME TRADE :- It consists of buying and selling of goods within the boundaries of country and the payment for the same is made in national currency either directly or through banking system. Internal tra...

JOURNAL MEANING:- The term 'journal' is derived from the french word 'jour' which means a day. Journal therefore means a day book or daily record. And since business transactions are first recorded chronologically in the journal form the 'source documents' , journal is referred to as book of original or prime entry. Essential features:  (i) It is a day book or day record because it records transactions the same day. (ii) It is a chronological record book since transactions are recorded in order of their date of occurrence. (iii) It is a book of original entry.

ECONOMY AND ECONOMIC PROBLEM WHAT IS AN ECONOMY? MEANING OF AN ECONOMY:- In economics the world economics refers to the production activities of a well defined area or a region. It may be a village, a district, a city, a country or the whole world. For example when we refer to the Indian economy, we actually refer to the whole collection of farms, factories, shops, offices, banks, colleges, theaters, TV channels, and many more. Production activities are carried out by the people to earn livelihood. The earnings are in the form of wages, rent, interests and profits. On the basis of above description, economy can be defined as follows: Economy means the whole collection of production units operating in  a defined area or region by which people of that area get their living. FUNCTIONING OF AN ECONOMY An individual needs a large number of goods and services to survive and enjoy life. No individual can ever produce on his own all what he needs. He can ever prod...

INTRODUCTION TO ECONOMICS Economics is a social    science which studies the way the society chooses to use its limited resources to produce goods and services and disturb them among people. It is a science that analyses the choice making economic behavior. Is the analysis limited to the behavior of an individual or is it extended to the country as a whole? Economics studies both. It analyses the behavior of an individual under the branch of economics called ''microeconomics'' The behavior of the society as a whole is analysed under the branch ''macroeconomics''.        MICROECONOMICS AND MACROECONOMICS Study of economics is traditionally divided into microeconomics and macroeconomics. The terms ''micro'' and ''macro'' come from the Greek words meaning ''small'' and ''large''. MICROECONOMICS   Microeconomics studies the behavior of individual economic units...