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Yogita Ingle 6 years, 3 months ago
Liberalisation means removing all unnecessary control and restrictions like permits licences, protectionist duties quotas etc. In other words, It may defined as loosening of govt. regulation in a country to allow for private sector companies to operate business transactions with fewer restrictions.
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Human capital refers to the stock of skill, ability, expertie, education and knowledge in a nation at a point of time.
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Yogita Ingle 6 years, 3 months ago
“Peter F. Drucker” is referred as the “father of business studies”.
Explanation:
“Business studies” is an academic subject that combines the fundamentals of accounting, “finance, marketing, organizational studies”, and economics.
Business studies is the study of accounting of any business organization, and it is very important topic in the accounting.
This topic is taught at high level in countries like India, Australia, Canada, Sweden, Hong Kong, Nepal, Ireland, New Zealand, Sri Lanka, Pakistan, Zimbabwe, Tanzania, the United Kingdom and Argentina.
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Yogita Ingle 6 years, 3 months ago
Principles of Management developed by Fayol
1. Division of work: Work is divided in small tasks/job and each work is done by a trained specialist which leads to greater efficiency, specialization, increased productivity and reduction of unnecessary wastage and movements.
2. Authority and Responsibility: Authority means power to take decisions and responsibility means obligation to complete the job assigned on time. Authority and responsibility should go hand in hand. Mere responsibility without authority, makes an executive less interested in discharging his duties. Similarly giving authority without assigning responsibility makes him arrogant and there is fear of misuse of power.
3. Discipline: t is the obedience to organizational rules by the subordinates. Discipline requires good supervisors at all levels, clear and fair agreements and judicious application of penalties.
4. Unity of Command: t implies that every worker should receive orders and instructions from one superior only, otherwise it will create confusion, conflict, disturbance and overlapping of activities.

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Anmol Singh 6 years, 2 months ago
1Thank You