Free M.B.A. Guide
Free MBA Resources

Masters of Business Administration Notes


About Us Advertise Contact us  Wednesday 22nd February 2017 Success Essentials
Advertising Management
Finance Management
Home Based Business
Industrial Relations
List of MBA Colleges
Marketing Management
Office Administration
Office Management
Organisational Behaviour
Organisational Theory
Personnel Administration
Principles of Management
Production Management
Sales Management
Tally - Accounting Software



Postini Alternative

Mixed Economy

Since both purely capitalist an communist economies have been found wanting in many respects, may countries have tried out a combination of State ownership and control of business and private enterprise. This combination has come to be known as a Mixed Economy.

Click to read - Mixed Economy


As an economic system, communism has emerged in th Twentieth century in countries like Russia and China, Under communism all control of economic poser vests in The State.

Click to read - Communism


Socialism is the philosophy of the Government and economic system based on the belief in the worth of each individual.

Click to read - Socialism


Capitalism is an economic system in which individuals are relatively free to determine how goods and service shall be produced and allocated.

Click to read - Capitalism

Business and Economic System

If business is viewed as an organized economic activity aiming at the production and sale of goods and services needed by the individuals in a society, the business system cannot be studied without reference to the economic system in which it has to function.

Click to read - Business and Economic System

Qualities of a food Businessman

The business leader (the proprietor in smaller concerns and the manage or the managers in large concerns) should possess the following broad qualities to be able to succeed in his work

Click to read - Qualities of a food Businessman

Plant, Firm and industry

In ordinary usage, we talk of different agencies for conducting business activity in the same sense without understanding the basic distinction among them. It is common to hear people talking about business in terms of a mill, a category, a store or a workshop.

Click to read - Plant, Firm and industry


While industry is concerned with the production of goods for the satisfaction of human wants, commerce is an activity whereby goods are transferred to those who and them. It is “an organised system for the exchange of goods between the members of the industrial world. “ It established the necessary link between producers and consumers and , therefore, embraces all those functions which are essential for maintaining a free an uninterrupted flow of goods and services between them.

Click to read - Commerce


The term 'industry' refers to that part of business activity which concerns itself with the raising. Production, processing or fabrication of products. The products of an industry may be used either by the final consumers or by another industrial undertaking for further production. Accordingly, these will be called consumers goods if used by final consumers, and producers' goods or capital goods if used in the production of other goods. When a concern engages in the production of cloth or toothpaste, or when it processes cheese, it maybe said to be producing consumers' goods. On the other hand, an engineering concern manufacturing machine tools an machinery is said to be producing producers' goods for th simple reason that these products will be used by factories for the production of certain other products.

Click to read - Industry

Divisions of Business

Business activities may be classified into two broad categories: (a) Industry, and (b) Commerce.

Click to read - Divisions of Business

Meaning of Organization

There are numerous definitions of th term 'organisation', and many attempts have been made to lay down a standard definition, but none of them has been entirely successful, and there is no present intention of adding to th list. Only two are quoted, as they are simple and give almost a non-controversial description.

Click to read - Meaning of Organization

Profit Motive and Service Motive

It is, therefore, only when a need, be it material or be it spiritual, transcends the particular and attains the general and ripens into a demand that it comes within the scope of business at all. For in private Enterprise it is purely a matter of profits. No one enters business for his health; he does so for th purpose of making money so that, like any other person, he may satisfy his various wants with the money that he earns. He seeks to earn his money by catering for the needs of other people and making a profit in doing so. The profit he earns is in fact the justification for his existence. Business is, as a consequence, founded on the exchange of goods, and the exchange to be fruitful should be made for mutual gains to both exchanger and the exchange. In a market economy or capitalistic production, no business, however big it maybe, can survive for any length of time if it is run on the noble doctrine of Nishkarma Karma of th Bhagavad Gita. An association with profits is thrust upon business by circumstances beyond its control and this association need not necessarily carry contamination with it, if it is remembered that profit is only th reward for the service that the businessman renders to the community.

Click to read - Profit Motive and Service Motive

Business and Profession Differ

Health services are not provided by shipping companies alone. There are such people as doctors, vaidyas and Hakeems, who have made healing their life's work, an have themselves studied all the known means of preventing it from arising and of treating it when it has arisen. The doctor, Vaidya or Hakeem, too, like the shipping company, aims at satisfying a human need, and offers services for doing so, and again, like the shipping company, for payment. Nevertheless he is not a businessman, and his work is called a profession, not a business.

Click to read - Business and Profession Differ

© 2008 - Free MBA Reources -