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Classical theory: This theory is based on the following fourprinciples:1. Division of labor: The production of a commodity is divided into the maximum number of different divisions. The work of each division is looked after by different persons. This theory is based on the following four...

Division of labor• Coordination• Clearly defined objectives• Authority responsibility structure: A subordinate has one superior and a superior has control over the subordinate specifically.• Communication: The success of management depends upon the effective system of communication. FORMAL...

Determination of activities: It includes deciding and division of various activities required to achieve the objectives of an organization. The entire work is divided into various parts and again each part is sub-divided into various sub-parts.• For example, the purchase work may be divided into...

As you know, there are seven functions of management.• After the S_M_A_R_T goals are fixed, the first and foremost function is planning, which we have discussed earlier. As detailed earlier, there are four resources viz. men, machines, material and money which have to be brought together in the...

In any organization, staffing follows the planning and organizing functions. It is a continuous process similar to planning as well as organizing. It is initiated by the organization and kept going on to be fully effective. It includes processes such as manpower planning, recruitment, selection...

In the relentless pursuit of happiness, individuals, societies, and governments often find themselves at a crossroads. While conventional economic metrics like GDP and income levels are commonly used to gauge a nation's well-being, they fall short of capturing the full spectrum of human...

The COVID-19 pandemic, which emerged in late 2019, has had far-reaching and unprecedented economic consequences. As the virus spread globally, governments implemented stringent measures to contain its spread, leading to widespread disruptions in economic activity. This article explores the...

Marxist economics, developed by the 19th-century philosopher and economist Karl Marx, offers a profound critique of capitalist society and a framework for understanding its dynamics. Rooted in the philosophy of materialism and dialectics, Marxist economics seeks to explain the contradictions and...

A command economy is a type of economic system where the government makes all the decisions regarding the production, distribution, and consumption of goods and services. This system is often contrasted with a market economy, where these decisions are driven by supply and demand dynamics among...

The debate over which economic system—capitalism or socialism—is more effective has been ongoing for decades, with proponents on both sides presenting compelling arguments. Each system has its own set of principles, strengths, and weaknesses, and the choice between them often depends on the...

Gross Domestic Product (GDP) has long been the cornerstone of economic analysis, serving as a primary indicator of a country's economic health and growth. However, as the global economy becomes more complex and multifaceted, the limitations of GDP as a sole measure of economic well-being have...

In the intricate web of societal interactions, the decisions made by individuals often have far-reaching consequences that extend beyond their immediate personal sphere. These broader impacts are known as externalities, and they can be either positive or negative. Understanding the concept of...

Introduction Game Theory, a branch of applied mathematics, offers a robust framework for analyzing strategic decision-making among rational agents. In the business world, where competition is fierce and every move can have significant repercussions, understanding the principles of Game Theory...

Introduction Game Theory, a branch of applied mathematics, offers a robust framework for analyzing strategic decision-making among rational agents. In the business world, where competition is fierce and every move can have significant repercussions, understanding the principles of Game Theory...

In the 21st century, environmental issues have become a pressing concern for individuals, communities, and governments worldwide. From climate change and deforestation to pollution and loss of biodiversity, the challenges are multifaceted and require robust legal frameworks to address them...

Urbanization, the process by which rural communities transform into urban centers, is one of the most significant trends shaping the modern world. Driven by economic opportunities, technological advancements, and social changes, urbanization has reshaped landscapes, economies, and cultures...

International trade, the exchange of goods, services, and capital across borders, is a cornerstone of the global economy. It has been a driving force behind economic growth, innovation, and development for centuries, shaping the world we live in today. This article delves into the complexities...

In the intricate web of modern society, the realms of health, money, and the banking system are more interconnected than ever before. Each of these domains not only influences the others but also plays a crucial role in shaping the overall well-being and stability of individuals and communities...

Public relations (PR) management is a critical aspect of any organization’s strategy to build and maintain a positive image in the public eye. In an era where information spreads rapidly and social media platforms amplify voices, the role of PR has become more multifaceted and challenging. This...

Communication is the key to success in any business and also in the common world. Be it in personal or professional/social domains, communicating thoughts, ideas, and information clearly and effectively is important. Effective communication (EC), is not only about simply transmitting information...