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1. Association-A Human group 

2. Specific Interest 

3. Co-Operative Spirit 

4. Organized Group.

Characteristics of Association:-

(a) Association- A Human Group: An association is formed by people. It is basically a social group. Without people there can be no association. However all groups are not associations. Because an association is basically an organized group. An unorganized group like a crowd or a mob cannot be an association.

(b) Specific Interest or Interests: An association is not only collection of individuals. But also consists of those individuals who have more or less the same interests. According those who have political interests may join political parties and those who have sports interest may join sports association and so on.

(c) Co-operative Spirit: An association is based on the cooperative spirit of its members. People work together to achieve common purpose. For example: Workers to work together on a co-operative basis in order to fulfill their objective of getting good working conditions.

(d) Organized Group: Association is not just a collection of individuals. It is an organized collections for some specific ends. Organization gives stability and proper shape to an association. Organization refers to the way in which the status and roles are distributed among its members.

(e) Regulation of Relations: Every association has its own rules and regulation applicable to its members. These are called associational norms. Organization depends on this elements of regulation. Association reports to formal or informal means to regulate the relations of its members. For Example: Family through the institution of marriage controls the sexual behavior of its members, professional organization have formal norms to control members.

(f) Element of Stability: An association may be permanent or temporary. There are some long standing association like the political parties, trade union etc. Some associations may be purely temporary in nature, Example: Association that are established to felicitate some great writers, scientists and religious leaders.

According to Kingsley Denis "Institution is a set of interwover of folkways, mores and laws built around one or more functions”. According to Maclver and Page Institutions may be defined as the “Established forms or conditions of procedure characteristics of group activity”.

Organized groups are also called association of group. These group come to be established through a formally articulated process known as organisation. 

Examples: political parties, Trade union, college, university, company, club etc.

In day to day life, associations and institutions are used very commonly. Sometimes these words are used inter changeably to mean one and the same. But in Sociology these words have specific meaning Definition of Association: According to E.S. Bogardus “Association is usually working together . of people to achieve some common purpose”.

Accordingto William P. Scott “An Association refer to a formal group organised for a specialised and specifically stated purpose”.

Characteristics of Association.

(a) Association- A Human Group: An association is formed by people. It is basically a social group. Without people there can be no association. However all groups are not associations. Because an association is basically an organized group. An unorganized group like a crowd or a mob cannot be an association.

(b) Specific Interest or Interests: An association is not only collection of individuals. But also consists of those individuals who have more or less the same interests. According those who have political interests may join political parties and those who have sports interest may join sports association and so on.

(c) Co-operative Spirit: An association is based on the cooperative spirit of its members. People work together to achieve common purpose. For example: Workers to work together on a co-operative basis in order to fulfill their objective of getting good working conditions.

(d) Organized Group: Association is not just a collection of individuals. It is an organized collections for some specific ends. Organization gives stability and proper shape to an association, organization refers to the way in which the status and roles are distributed among its members.

(e) Regulation of Relations: Every association has its own rules and regulation applicable to its members. These are called associational norms. Organization depends on this elements of regulation. Association resorts to formal or informal means to regulate the relations of its members. For Example: Family through the institution of marriage controls the sexual behavior of its members, professional organization have formal norms to control members.

(f) Element of Stability: An association may be permanent or temporary. There are some long standing association like the political parties, trade union etc. Some associations may be purely temporary in nature, Example Association that are established to felicitate some great writers, scientists and religious leaders.

Genetic groups are involuntary a nature and the individuals are born in them. 

Ex: Family groups.

According to Maclver and Page “Society is the web of social relationship” According to G.D.M. Cole “Society is a complex of organised association and institutions within the community”.

C.H. Cooley classified groups into primary group refers to a “social groups characterized by fact-to-face relationship, mutual aid and companionship” example family neighborhood, friends, club, peer groups etc.

Family, marriage, education, religion, school college etc.

Characteristics of institution:-

Universal: Social institution are universal in nature. They are found everywhere and at all stages of social development. There can be no society in the absence of institutions. The basic institutions such as marriage, family, property, religion are observed even in the tribal or primitive societies. Institutions are Standardized Norms Social institution must be understood as well recognized or standardized procedures and norms. They prescribe the way of doing thing. They also prescribe rules and regulations that are to be followed.

For example– marriage, as an institution that governs the relation between the husband and wife. Similarly the school or college has its own established or standardized rules and procedures. Institutions are Controlling Mechanism Institutions like religion, education, morality, state, government, legislation etc Control the behavior of man. These mechanisms preserve the social order and give stability to it. Institutions is the machinery through human society carries on its activities. They are like wheels on which human society marches on towards the desirable goals.

Institutions are Relatively Permanent: Institutions normally do not undergo sudden or rapid changes. Changes take place gradually. Many institutions are rigid and enduring. They in course of time became the conservative element in society. Examples- caste, religion etc. But under the pressure of circumstances they also undergo changes.

Abstract in Nature: Institutions are not external visible or tangible things. They are abstract. Thus marriage cannot be kept in a mueseum. Religion cannot be brought to the laboratory experiments and so on. However They can be compared and evaluated on the basis of values and ideologies.

Kingsley Devis says “Institution is a set of interwoven of folkways, mores and laws built around one or more functions”. 

According to Maclver and page “Institutions may be defined as the “established forms or conditions of procedure characteristics of group activity”.

The concept of institution is another important concept in the field to sociology. It is basic to the understanding of society. Therefore French sociologist Durkheim has gone to the extent of defining sociology as the science of social institutions. F.H.Giddings regards "Institutions are the organ that conserve what is best in the part of human race".

Characteristics of institution

(a) Universal: Social institution are universal in nature. They are found everywhere and at all stages of social development. There can be no society in the absence of institutions. The basic institutions such as marriage, family, property. Religion are observed even in the tribal or primitive societies.

(b) Institutions are Standardized Norms: Social institution must be understood as well recognized or standardized procedures and norms. They prescribe the way of doing thing. They also prescribe rules and regulations that are to be followed. For example- marriage, as an institution that governs the relation between the husband and wife. Similarly the school or college has its own established or standardized rules and procedures.

(c) Institutions are Controlling Mechanism: Institutions like religion, education, morality, state, government, legislation etc Control the behavior of man. These mechanisms preserve the social order and give stability to it. Institutions is the machinery through which human society carries on its activities. They are like wheels on which human society marches on towards the desirable goals.

(d) Institutions are Relatively Permanent: Institutions normally do not undergo sudden or rapid changes. Changes take place gradually. Many institutions are rigid and enduring. They in course of time became the conservative element in society. Examples: caste, religion etc. But under the pressure of circumstances they also undergo changes.

(e) Abstract in Nature: Institutions are not external visible or tangible things. They are abstract. Thus marriage cannot be kept in a museum. Religion cannot be brought to the laboratory experiments and so on. However They can be compared and evaluated on the basis of values and ideologies.

(f) Oral and Written Traditions institutions may persist in the form of oral or written traditions. In simple and preliterate societies, institutions, were in the oral form, Institutions are based on either customs and dogmas. But in modem societies, they are found in written as well as oral forms. There may be institutional forms like law, constitution, Sacred text, governmental orders, business contracts, political, educational and economic institutions and so on.

(g) Symbolic Traits: Every social institution may have their own symbols, material or non-material. Examples: The Nation has flag, emblem and anthem as its symbols. Religion may have its own symbols like Idol, holy cross, crescent, star, swastika, Marriage may have own wedding ring or mangle-sutra and so on Symbolic traits are common to all well established institutions of the modem society.

(h) Institutions are Interrelated: Institutions are interrelated. Understanding of one institution requires an understanding of other related institutions. Example: religious, moral, educational, political, economic, and other types of institutions are essentially interlinked.

1. Universal 

2. Institutions are Standardized Norms 

3. Institutions are Controlling Mechanism 

4. Abstract in Nature.

Primary institutions are those that cater to the primary needs of man. 

Ex: Religion, Morality.

Business contract, legal pacts between individuals represent the geselleschaft relationships, Business companies, corporations, cities, towns, etc.

Out-group is one to which an individual does not belong or feels that he does not belong, in a particular context. 

Ex. Religious group, cast group.

“A word or set of words that expresses a general idea concerning with the nature of something or the relations between things” is called basic concepts.

When Expenditure of the government > Income of the government.

When Income of the government > Expenditure of the government.

Religious, Morality, Family kinship, Marriage etc.

Secondary institutions are those that cater to the secondary needs of people. 

Ex: Education, Law.

Education, Law, Legislation etc.

In group is one to which an individual belongs, or feels that he belongs.

Economic classes, (upper, middle and lower classes) and caste group.

Government Budget is an annual statement of estimated revenue and expenditure of the government. Indian Government generally present its budget in Lok Sabha on Feb 28th of every year.

The government budget can be of three types:

1. Balanced Budget
2. Surplus Budget &
3. Deficit Budget

1. Collection of Interacting Individuals 

2. Sense of Group Unity and Solidarity.

Family, Marriage.

According to Marshal Jones opinion that a social group is two or more people between I whom there is an established pattern of interaction.

Marshal Jones is of the opinion that a social group is ‘two or more people between whom there is an established pattern of interaction’.

The family kin group. Neighborhood, the rural Community, the friend group represent the gemeinschaft.

C. H. Cooley introduced the term primary groups.

1. Currency, which includes within itself notes and coins.
2. Bank deposits.

Bank deposits.

The main constituents of money supply are :

• Currency which includes notes and coins
• Demand deposits

German Sociologist Ferdinand Tonnies classified groups into Gemeinschaft and Geselleshaft.

W.G.Sumner classified the social groups into in-groups and outgroups.

Generally money supply means currency and deposits of banks available with the people of the country. Broadly speaking, there are two constituents of money supply:

1. Currency and
2. Bank deposits

Full employment signifies a situation in which all those who are willing to work at the current wage rate get work.

American sociologist PA Sorokin

American sociologist Park and Burgess.

Inflation signifies increase in the level of prices and consequent deterioration in the value of money over a period of time. In the words of Crowther, “Inflation is a state in which the value of money is falling, i.e., prices are rising.”

In Economics, the constant rise in prices is called inflation. In the words of Shapiro, “Inflation is a continuous and extreme rise in general price level.”

According to Crowther, “Inflation is a state in which the value of money is falling, i.e., prices are rising.”

From the above definitions, it is clear that inflation is a process of continuous rise in prices and hence fall in the value of money.

There are various causes of inflation. But the main cause of inflation is the excess of demand over supply. When the demand for goods exceeds the supply of goods, prices start rising and hence the problem of inflation arises.

Those words which have special meaning in economics.

Full employment signifies” a situation in which all those who are willing to work at the current wage rate are able to get work. In other words, full employment means absence of involuntary unemployment.

Structural unemployment: Unemployment which arises due to structural changes in the economy is called as structural unemployment.

Technical unemployment: Unemployment which arises due to changes in the techniques of production is known as technical unemployment.

C.H. Cooley. Classified groups into voluntary and involuntary groups.

Voluntary groups are those whose membership is not compulsory. Individuals have the freedom to join or not to join them. 

Example: Political parties, Recreational clubs, Cultural associations, Sports clubs, Rotary club etc.

1. Direct Taxes: Income tax and Wealth tax.
2. Indirect Taxes: Sales tax and Excise duty.

Example of indirect tax is Sales Tax.

Public finance deals with the income and expenditure of public authorities. Public authorities include all sorts of governments. Hence it can be said that it deals with the finances of the Govt. Central, State, and Local that are studied in the science of public finance. Prof. Dalton defined public finance as: “It is concerned with the income and expenditure of public authorities and with the adjustment of one to another.” In short, public finance is a study of the nature and principles of state expenditure and state revenue.

Direct Tax: A direct tax is one that cannot be shifted or passed on. It implies that in the case of direct taxes the impact or immediate money burden and the incidence or the ultimate money burden are on the one and the same person. According to Dalton, “A direct tax is really paid by a person on whom it is legally imposed.”

In the group of direct taxes, thus, income tax, wealth tax, property tax, estate duties, capital gains tax may be included.

Indirect Tax: An indirect tax is one that can be shifted or passed on. In case of indirect taxes, the immediate money burden and the ultimate money burden of taxes are on different persons. According to Dalton, “An indirect tax is imposed on one person, but paid partly or wholly by another.” Commodity taxes or sales tax, excise duties, etc. may be grouped as indirect taxes.

Excess of demand over the supply.