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Consumer Nudges in Economics
1. Core Concept: What is a Nudge? A nudge is a concept from behavioral economics that proposes small, predictable changes in a “choice environment” can influence people’s behavior, without forbidding any options or significantly changing their economic incentives. The idea was popularized by economist Richard Thaler (a Nobel laureate) and legal scholar Cass Sunstein in their 2008 book, Nudge Key…
How to Optimize Team Efficiency Without Increasing Overhead
Many teams are doing too much work. But still, things move slowly. Team members work tirelessly, but not much work is done. And there’s no extra money to hire more people. Sound familiar? The problem is not the team. The problem is the way work is done. Tasks are not clear. Some people do the same work twice. There are excessive meetings, an abundance of tools, and unclear procedures. In this…
Techniques of Production Planning and Control
Techniques of Production Planning and Control Techniques of Production Planning and Control (PPC) are essential for optimizing manufacturing processes. Key techniques include planning, which involves setting production goals and determining necessary resources; routing, which defines the path materials take through the production process; scheduling, which allocates time for each…
Elements of Production Planning and Control
Elements of Production Planning and Control Production planning determines what the production function would be, the time of production, where it would happen, and what the best and most economical methods would be to do it. All, the activities related to production are studied under it, so that, production of the best quality and in appropriate quantity, can be done in time at minimum…
Difficulties of Delegation of Authority
Difficulties of Delegation of Authority The difficulties of delegation of authority in a business enterprise are multifaceted. Managers often resist delegating due to a desire for maximum control and fear of losing importance. Additionally, not all managers possess the necessary skills for effective delegation, and the lack of capable subordinates further complicates the process. Concerns about…
Importance of Delegation of Authority
Importance of Delegation of Authority Delegation of authority in a business enterprise helps in coordinating tasks, reducing the administrative burden on higher authorities, and facilitating business expansion. It promotes the moral and mental development of subordinates by giving them decision-making opportunities. Delegation also allows for specialization, supports the growth of large…
Delegation of Authority
Meaning of Delegation of Authority In today’s commercial era, a manager or officer can’t control the whole management of the organization alone. That is why officers transfer their work to other subordinates and employees. This transfer of workload to other persons is called Delegation. To each subordinate employee, who is assigned the work, it is also necessary that he should be given some…
Factors Determining the Elasticity of Demand
Factors Determining the Elasticity of Demand The demand for a commodity is more elastic and that of the other commodity is less elastic, this usually depends on several factors. It is important to note that the elasticity of demand for a product can change over time. For example, the demand for smartphones has become more elastic in recent years as more and more substitutes have become available.…
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Kinds of Elasticity of Demand
Classification of Elasticity The Elasticity of Demand could be of 3 types based on the factor which affects the change in the demand for a commodity. Price Elasticity of Demand Income Elasticity of Demand Cross Elasticity of Demand Continue reading Untitled
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Elasticity of Demand
Meaning of the Elasticity of Demand The Elasticity of Demand is related to the Law of Demand, it is the measure of the change in the demand of a commodity with respect to the change in the price of the commodity. In simple words, elasticity of demand refers to an increase or decrease in demand, which occurs due to the increase or decrease in the price of a commodity. Definition In the words of…
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Industrial Combination
Meaning of Industrial Combination When two or more business units join to work together, ending all competition between them, it is called Industrial Combination. In other words, combining various units attaining their objectives economically; keeping in mind the welfare of the people is called Combination. For combining, it is not necessary for both the units to have the same kind of business.…
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Optimum Size of a Business Unit - Optimum Firm
Optimum Size of a Business Unit – Optimum Firm
The optimum size of a Business Unit is a size where production is maximum at minimum cost. Meaning of the Optimum Size The Optimum Size of a business unit refers to such a unit that has all the factors of production in an ideal proportion such that, the factors of production are united in such a manner that maximum production is achieved at minimum cost. In other words, the profit earning…
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Private Company and Public Company - A Comparision
Private Company and Public Company – A Comparision
Type of Company
We can classify the company on several bases but the following are the main types of companies
Limited Liability Companies
Unlimited Liability Companies
Private Companies
Public Companies
Incorporated Companies
Unincorporated Companies
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Joint Stock Company - Merits and Demerits
Joint Stock Company – Merits and Demerits
Joint Stock company
A Joint Stock company is formed to gain profits by a group of people under the act in which capital is not transferable and the shareholders carry limited liabilities. Any individual can file a case against a company and vice-versa. A company carries an under which it runs; its business and its entity is permanent.
Definition
Section 2 (20) of the Companies Act, 2013 defines a…
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Joint Stock Company as an Artificial Person
Joint Stock Company as an Artificial Person
A Joint Stock Company is said to be an Artificial Person create by law, having a separate entity with a perpetual succession and a Common Seat.
Brief History
It is assumed that the company came into existence in the 12th century in Italy and in the 16th century in England. In India first of all the East India Company was established in 1600 A.D. In our country Indian Compånies Act was introduced…
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Registration of Firms
Prior to the year 1932, there was no arrangement for the registration of firms in India. But after the enforcement of the Partnership Act, 1932, provisions for registration of firms were made. But for partnership firms, registration was made voluntary and not compulsory, or registration of the firm is dependent on the will of the partners. Nonregistration of the firm creates a number of…
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Duties, Obligations and Liabilities of Partners
Duties, Obligations and Liabilities of Partners
A partner has unlimited personal liability in a partnership firm. The liabilities of partners are unlimited in all firm contracts. They are jointly and severally liable for all torts committed by one of the partners or by a firm employee within the scope of the partnership’s business. (more…)
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