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Activities that add value to the national income are called economic activities. These have two parts - market activities (production for pay or profit) and non-market activities (production for self-consumption).
Non-economic activities are the ones that do not add to the national income; for example, an individual performing domestic chores.
Posted by Palak Singh 5 years, 4 months ago
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Sia ? 5 years, 4 months ago
Features of management are as follows
- Goal-oriented process: Every organisation has a set of economic and social goals and management is meant to achieve these goals Management ensures efficiency and economy in the utilisation of human, physical and financial resources. As a top-level plan to the whole organisation and its synchronisation overall plan of the organisation with all the departments so it is a process to done work effectively and efficiently.
- Group activity: An organisation is a group of different individuals with different skills Management directs and uses all such skills and activities of different individuals toward the achievement of common organisational goals. For example, single persons don't have a need for management because he has to perform every activity himself but for a big organisation, it is always a necessary part to get successful in a competitive market.
- Intangible force: Management is an intangible force as it cannot be seen but its presence can be felt when targets are achieved as per the pre-determined plans and all the activities of management are coordinated with each other to get the goal achieved efficiently and effectively.
- All pervasive: Management is all pervasive as it is applicable in all types of organisation, In all activities and at all levels either you are in a hospital or in a school it is always required at every level.
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Sia ? 5 years, 4 months ago
Nature of management principles can be described as follows:
- Universal Applicability: The principles of management are pervasive in nature. They can be applied in any type of organisation irrespective of the nature of the organisation.
- General Guidelines: They are only guidelines for action and don't provide a direct or readymade solution for a managerial problem. They have to be modified as per the requirement of the situation.
- Formed by practice and experimentation: The principles of management have been developed through experimentation as well as the experience and wisdom of managers. This is the reason why they are more practical in nature.
- Flexible: They are flexible i.e. they can be modified by the managers according to a given situation. It also exhibits the ability of the manager to adapt to a particular situation quickly.
- Mainly behavioural: They are mainly behavioural in nature since they are devised to influence human behaviour.
- Cause and effect relationship: The principles of management establish a relationship between cause and effect. They guide us as to what would be the effect if a particular principle were to be applied in a given situation. The situation is the real cause of application of the principle.
- Contingent: The use of principles of management is contingent or dependent upon the prevailing conditions. Therefore , they are subjective in nature.
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Sandeep Grg
ND u can also take exam idea for case study
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