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First estate and second estate.

• Farmers and factory workers in Russia led a tragic life under the autocracy of the Tsarist emperors who ruled Russia. 
• The low agricultural production affected the farmer’s income. Moreover the landless farmers had to pay huge tax.
• Though Russia was rich in mineral resources, the industrial production was meagre. It was the foreigners who controlled majority of the industries.

a. Clergy 

b. Controlled higher positions in administrative and military service 

c. Held vast land 

d. Collected the tax called ‘Tithe’ from farmers 

e. Second Estate 

f. Led luxurious life 

g. Held vast lands 

h. Engaged in military service 

i. Collected various taxes from farmers 

j. Made farmers work without wages 

k. The middle class including traders, writers, lawyers, officials, teachers, and bankers. Farmers and craftsmen 

l. Paid taxes to clergy and nobles, 

m. No role in administration 

n. Paid land tax namely ‘Taille’ to the government.

• Representation in government 
• It is anti-people if no representation 
• No taxation without representation 

In 1914, many Russian soldiers were killed in the first world war and in 191 7, food shortage became severe and thousands of women marched along the streets on March 8 clamoring for bread. The workers organized a protest march in Petrograd, the soldiers clashed with the demonstrators in the beginning but later joined the workers.

It was the tragic experience during the First World War that induced them to do so. The workers captured Petrograd and Nicholas II was thrown out of power. A provisional government was formed under Alexander Kerensky, the Menshevik leader.

Formed sinking fund with the aim to avoid public debt, Constructed several roads for transportation, Exercised state’s control over the clergy, Prepared a new code of law by codifying the existing laws.

• American Declaration of independence 
• Tennis Court Oath 
• February Revolution 
• Long March 

In several places the common people did not have as much freedom as we have today. The people who were deprived of freedom had a fight for it. Some adopted peaceful means, whereas others preferred armed rebellion. All these struggles tried to change the system that denied freedom and rights and to establish a new one. 

Therefore they are known as revolutions.

Russian Revolution of 1917 has greatly influenced the world. Its causes are discussed below.

Autocracy of Tsars: 

Russia was ruled by emperors known as Tsars. They were despots. Farmers and factory workers in Russia led a tragic life under the autocracy of the Tsarist emperors.

Economic causes: 

The low agricultural production affected the farmer’s income. Moreover, the landless farmers had to pay huge tax. Though Russia was rich in natural resources, their industrial production was meagre.

Influence of thinkers and writers: Writers like Maxim Gorky and Leo Tolstoy depicted the plight of the workers and farmers in their works. The Marxist ideologies formulated by Karl Marx and Frederick Engels stirred the workers. They called for establishing the supremacy of the workers instead of that by the capitalists.

Social Democratic Party: 

Trade unions were formed to find remedies for the plight of the workers. Based on the Marxist ideologies, the Social Democratic Workers Party was formed. Later this party was split into the Mensheviks and the Bolsheviks. The main leaders of the Bolsheviks were Lenin and Trotsky. Alexander Kerensky led the Mensheviks.

Rousseau – Japanese war: 

The crisis reached its worst when Russia was defeated in the Russia- Japan war in 1905. The workers organized a huge march at Petrograd on 9 January 1905 demanding political rights and economic reforms. The march was fired at by the soldiers and hundreds of demonstrators were massacred. This event is known as the Bloody Sunday. Workers’ organizations called ‘Soviets’ were formed all over Russia to conduct strikes.

February Revolution: 

When strikes gained strength, the emperor Tsar Nicholas II formed a legislative assembly called Duma’. When the First World War started in 1914, the Tsar decided to participate in it, ignoring the protests from Duma. A lot of Russian soldiers were killed in this war.

Food shortage became severe by 1917. In February 1917, workers and soldiers joined together and captured Petrograd. Tsar Nicholas II was thrown out of power. A provisional government was formed under Alexander Kerensky, the Menshevik leader. This event is known as Februaiy Revolution.

Lenin and Bolshevik Party: 

A group of Soviets did not approve the provisional government. Lenin, the leader of the Bolsheviks argued that the entire power should be transferred to the Soviets if they were to realize the aims of the revolution. The Bolsheviks and the Soviets supported him. They propagated that only a proletarians’ government could eradicate centuries old economic backwardness and inequality. They put forward demands like:

• Withdraw Russia from the First World War. 
• Seize the lands owned by the lords and distribute them to farmers. 
• Make factories public property.

October Revolution: 

In October 1917, the Bolsheviks started an armed rebellion against the provisional government. Kerensky fled from the country. Russia came under the control of the Bolsheviks. This event in which the Bolsheviks attained power is known as the October Revolution. A proletarians’ government came under the control of Lenin in Russia.

• Workers and soldiers joined together against the Tsar. 
• Opposition to Tsarist rule grew strength. 
• Tsar was thrown out of power. 
• A provisional government was formed.

The Revolution that took place in 1789 was against the Autocratic rule and feudal system is known as French Revolution. The middle class of the society consisted of traders, writers, lawyers, offici-als, teachers, and bankers. These middle class people were known as bourgeoisie meaning city dewellers. They did not enjoy any representation in administration. They realised that according to the constitution it is impossible to retain their rights and this led to French Revolution.

• The nobility lived by exploiting the peasants 
• The King, nobles, and clergy occupied majority of the cultivable land 
• The luxurious life led by higher priests. 

The French middle class included traders, writers, lawyers, officials, teachers, bankers, farmers and craftsmen.

• They had no role in the administration. 
• Paid land tax namely, ‘Taille’ to the government. 
• Had low social status. 
• Paid taxes to clergy and nobles.

The middle class were dissatisfied with the prevailing social order. They realised that it was impossible for them to achieve their demands under the existing order. Therefore they decided to overthrow the government by leading the revolution.

French revolution is a memorable one it was a success of democracy. It was reached in the western nations of the world in the 19^th centuary revolution was epidimic all over Europe. The revolution was in Spain, Italy,

Poland between 1820 and 1821 and that which happened in European in 1848 got influenced from French Revolution. The progress seen in Europe from 1815 was the reflection of French Revolution.

The French Society was divided into three strata and they were known as estates. The first estate included clergy and the second estate included nobility. Those who belonged to the first and second estates had vast land. They led a luxurious life and were exempted from all taxes. The third estate were the middle class including traders, writers, lawyers, officials, teachers, and bankers.

They had no role in the administration and had low social status. The luxurious life and squander of the Bourbon kings, clergy and lords and the frequent wars they waged, along with the frequent spells of drought and crop failure, brought trance to the brink of bankruptcy. Thinkers like voltaire, Rousseau, Montesquieu etc played an important role in making the people aware of the inequalities and exploitation. Among the three estates, the third estate had to face a horrible life. So they desired to change in the system and gave leadership to the French Revolution in 1789.

• End of Feudalism. 
• Uniform system of administration in France. 
• Equal taxation over all sections of people. 
• Abolished the special privileges enjoyed by higher Estates. 
• Church was brought under the control of the state.

Nationalism : Drive away the Manchu Dynasty and imperialist powers. 

Democracy : To establish democratic rule. 

Socialism : To bring about equitable distribution of land.

• Nationalism : To end monarchy and imperialist rule 
• Establish democratic rule 
• Socialism 
• Opposition to foreign domination
• Measures for the progress of agriculture and industry 
• Co-operation with the Communists

To which factor economics problem is basically related to choice.

Wants are unlimited and resources are scare. Due to alternative uses of limited resources, efforts are made to create balance between unlimited wants and limited resources. Due to this effort, problem of choice arises. In this way, economic problem is basically a problem of choice.

Some of the common Non-Financial Incentives are:

(i) Status: Status refers to ranking of positions, authority, responsibility, recognition and prestige associated with a job in the organisation.

• Higher status helps to satisfy social and esteem needs of the employees.

(ii) Organisational Climate: It refers to the characteristics which describe an organisation and distinguish one organisational from the other.

• These characteristics include individual authority, reward orientation, open communication, risk-tasking, etc.

Meaning of Working Capital:

• Working capital means current assets or circulating capital.
• Experts define working capital in both, narrow as well as broad sense.
• In the narrow sense, it is defined as “the difference between current assets and current liabilities”.

According to Gerstenbergh, “working capital is the excess of current assets over current liabilities”. However, Gerstenbergh prefers to call working capital as circulating capital.

• In a broader sense, working capital has been defined as follows: 

According to Western and Brigham, “working capital refers to a firm’s investment in short term assets such as cash, short term securities, account receivable and inventories”.

As per Mead, Baker and Mallot, “working capital means current assets”.

As per J. S. Mill, “the sum of current assets is working capital of a business”.

• It takes into account all current resources of the company. It refers to ‘gross working capital’.

Factors affecting Working Capital Requirement: [Mnemonic: Bablu RESPECTS VAN]

The factors affecting working capital requirement are as follows:

i. Business Cycle:

• When there is boom in the economy, sales will increase, which will lead to an increase in investment in stock.

Hence, additional working capital would be required.

• During recession period, sales would decline and the need of working capital would also decrease.

ii. Requirement of Cash:

• The requirement of working capital depends upon the cash required by the organization for various purposes. 
• If the requirement of cash is more, then company requires more working capital and vice‐ versa.

iii. Growth and Expansion Activities:

• The working capital requirement increases with the growth of firm. 
• It needs funds continuously to support large scale operation.

iv. Seasonal Fluctuations:

• The requirement of working capital depends upon the seasonal fluctuations. 
• It states that, if the demand for the product is seasonal, the working capital required in that season will be more.
• For e.g. The demand for sweaters is more in winter. Sweater manufacturing companies need more working capital before winters to make the goods available in the market before the season starts.

v. Production Cycle:

• The process of converting raw material into finished goods is called ‘production cycle’.
• A firm requires more working capital when the production cycle is longer and vice‐versa.

vi. External Factors:

• If the financial institutions and banks provide funds to the firm as and when required, the need of working capital will be reduced.

vii. Credit Control:

• Volume and terms of credit sales, collection policy etc. are the important factors of credit control. 
• Sound credit policy improves cash flow and hence the firms making cash sales require less working capital.
• Liberal credit policy increases the risk of bad debts and hence the firms selling on easy credit terms may require more working capital. 

viii. Terms of Purchase and Sales:

• If the credit terms of purchases are favourable and terms of sales are less liberal then the requirement of working capital will reduce as the requirement of cash will be less.
• On the other hand, if the firm does not get proper credit for purchase and adopts liberal credit policy for sales, it will require more working capital.

ix. Size of Business:

• The size of business has a great impact on the requirement of working capital.
• Large scale firms require large amount of working capital. 

x. Volume of Sale:

• The volume of sale is directly proportional to the size of working capital.
• If the volume of sale increases, there is an increase in amount of working capital and vice‐ versa.

xi. Management Ability:

• The requirement of working capital will reduce if there is proper co‐ordination between production and distribution of goods. 
• Lack of co‐ordination between different departments may result in heavy stocking of finished and semi‐finished goods, which ultimately leads to an increase in the requirement of working capital. 

xii. Nature of Business:

• The nature of business highly influences the requirement of working capital.
• Industrial and manufacturing enterprises, trading firms, big retail stores etc. need a large amount of working capital as they have to satisfy varied and continuous demands of consumers.  

Factors affecting working capital requirement of the company  : 

1. Nature of Business influences working capital requirements in a trading organisation which usually needs a smaller amount of working capital compared to a manufacturing organisation, while service industries which usually do not have to maintain inventory require less working capital. 

2. Scale of operations influences working capital requirements in large organisations which require a large amount of working capital as compared to the organisations which operate on a lower scale. 

3. Business cycle affects the requirement of working capital by a firm, as in case of a boom a larger amount of working capital is required as compared to the period of depression. 

4. Seasonal Factors affect the working capital requirement, as in peak season large amounts of working capital is required and lower amount is required in the lean season. 

5. Production cycle affects the working capital requirement, as it is higher in firms with longer processing cycles and lower in firms with shorter processing cycles. 

6. Credit allowed in a firm with liberal credit policy results in a higher amount of debtors, increasing the requirement of working capital. 

7. Credit availed by a firm, to the extent to which the firm avails the credit on purchases the working capital requirement is reduced. 

8. Operating efficiency may reduce the level of raw materials, finished goods and debtors resulting in lower requirement of working capital. 

9. Availability of raw material influences the working capital requirement as larger the lead time, larger the quantity of material to be stored and larger shall be the amount of working capital required. 

10. If the growth potential of a concern is perceived to be higher, it will require a larger amount of working capital. 

11. Higher level of competitiveness may necessitate larger stocks and increases working capital requirement. 

12. The working capital requirement of a business becomes higher with higher rate of inflation.

a. Nature of Business: The basic nature of business influences the amount of working capital required. A trading organization usually needs a smaller amount of working capital compared to a manufacturing organization. Similarly, service industries which usually do not have to maintain inventory require less working capital. 

b. Scale of Operations: for organizations which operate on a higher scale of operation, the quantum of inventory and debtors required is generally high. Such organizations, therefore, require large amount of working capital as compared to the organizations which operate on a lower scale. 

c. Business Cycle: Different phases of business cycles affect the requirement of working capital by a firm. In case of a boom, the sales and production are likely to be larger and therefore larger amount of working capital is required. Working capital requirement will be less during the period of depression as the sales and production will be small. 

d. Seasonal Factors: Most business have some seasonality in their operations. In peak season, because of higher level of activity, larger amount of working capital is required. When the level of activity is less, working capital requirement will be less.

Incentive means all measures which are used to motivate people to improve performance. These incentives may be broadly classified as financial and non Financial Incentives These refer to incentives which are in direct monetary form or measurable in monetary term and serve to motivate people for better performance. The generally used 

1. financial incentives are: 

a. Pay and allowances: For every employee, salary is the basic monetary incentive. It includes basic pay, dearness allowance, and other allowances. 

b. Productivity linked wage incentives: Several wage incentive plans aims at linking payment of wages to increase in productivity at individual or group level. 

c. Bonus: Bonus is an incentive offered over and above the wages or salary to the employees. 

d. Profit-sharing: Profit-sharing is meant to provide a share to employees in the profits of the organization. This serves to motivate the employees to improve their performance and contribute to increase in profits. 

e. Co-partnership/stock option: Under these incentive schemes, employees are offered company shares at a set price which is lower than market price. 

Sometimes, management may allot shares in line of various incentives payable in cash. 

f. Retirement benefits: Several retirement benefits such as provident fund, pension, and gratuity provide financial security to employees after their retirement. This acts as an incentive when they are in service in the organization. 

g. Perquisites: In many companies perquisites and fringe benefits are offered such as car allowance, housing, medical aid, etc over and above the salary. These measures help to provide motivation to the employees/managers. 

2. Non-financial Incentives: All the needs of individuals are not satisfied by money alone, psychological, social and emotional factors also play important role in providing motivation. Non-financial incentives mainly focus on these needs. Some of the important non-financial incentives are discussed below:

 a. Status: In the organizational context, status means ranking of positions in the organization. The authority, responsibility, rewards, recognition, etc indicate the status given to a person holding a managerial position. Psychological, social and esteem needs of an individual are satisfied by status given to their job. 

b. Organisational Climate: This indicates the characteristics which describe an organization and distinguish one organization from the other. These characteristics describe an organization and distinguish one organization from the other. These characteristics influence the behavior of individuals in the organization. Some of these characteristics are individual autonomy, reward orientation, consideration to employees, risk-taking, etc. 

c. Career Advancement Opportunity: Every individual wants to grow to the higher level in the organization. Managers should provide opportunity to employees to improve their skills and be promoted to the higher level jobs. Appropriate skill development programmes and sound promotion policy will help employees to achieve promotions. 

d. Job-enrichment: It is concerned with designing jobs that include greater variety of work content, require higher level of knowledge and skill; give workers more autonomy and responsibility, and provide the opportunity for personal growth and meaningful work experience. If jobs are enriched and made interesting, the job itself becomes a source of motivation to the individual. 

e. Employee Recognition Programmes: Most people have a need for evaluation of their work and due recognition. They feel that what they do should be recognized by others concerned. When such appreciation is given to the work performed by employees, they feel motivated to perform the work at higher level. 

f. Job security: Employees need their job to be secure. They want certain stability about future income and work so that they do not feel worried on these aspects. Job security acts as a source of motivation to the employees. 

g. Employee participation: It means involving employees in decision making of the issues related to them. In many companies, these programmes are in practice in the form of joint management committees, work committees, etc. 

h. Employee Empowerment: Empowerment means giving more autonomy and powers to subordinates. Empowerment makes people feel that their jobs are important. This feeling contributes positively to the use of skills and talents in the job performance.

Employee selection is the process of putting right men on right job. It is a procedure of matching organizational recruitments with the skills and qualifications of people. The following steps are generally followed by all business organizations during selection process.

Steps in selection process: 

a. Preliminary Screening 

b. Selection Tests

• Intelligence tests 
• Aptitude tests 
• Trade or proficiency tests 
• Personality tests 
• Interest tests 

c. Interview

• Direct Interview
• Patterned or structural Interview 
• Board or Panel Interview 
• Reference and background checks 
• Medical Examination
• Indirect Interview 
• Stress Interview 
• Group Interview 
• Selection Decision 
• Job offer (Issue of Appointment Letter)
• Contract of Employment (Acceptance of job offer)

1. Preliminary Screening: After receiving the applications from the candidates through recruitment process, the same must be examined to decide, which ones deserve to be considered and followed up. The main purpose of screening is to prepare a list of eligible candidates who are to be evaluated further. Screening exercise involves checking the contents of the application, so as to find out whether or not the minimum eligibility conditions are fulfilled by the applicants. 

2. Selection Tests: Selection tests are given to discover and measure, the skill and abilities of the candidates in terms of the requirements of the job. The following tests are usually conducted to measure intelligence, aptitude, proficiency, personality, etc. 

a. Intelligence tests: These tests are used to judge the mental capacity of the applicant. Intelligence tests evaluate the ability of an individual to understand instructions and make decisions. 

b. Aptitude tests: Aptitude means the potential which an individual has for learning new skills. Aptitude test indicates the person’s capacity and his potential for development. 

c. Trade or proficiency tests: These tests are designed to measure the skills already acquired by the individuals. They measure the level of knowledge and proficiency in the area of profession or technical training. 

d. Personality tests: These tests probe for the overall qualities of a person as a whole. They provide clues to a person’s emotional reactions, maturity level, value system, etc. 

e. Interest tests: These tests identify the areas in which a candidate has special concern, fascination; involvement, etc. These tests suggest the nature of job liked by a candidate which may bring him job satisfaction. 

3. Interview: Interview is a face to face conversation and observation. Interview helps the employer to evaluate the candidate regarding personality, smartness, intelligence, attitude, etc. There are different kinds of interviews conducted by employers. Some of them are as follows: 

a. Direct Interview: Under this method, direct questions are asked to the applicant, to identify his skills, character, area of interest, attitudes, etc. The indepth knowledge of applicant is not observed under this type of interview. 

b. Indirect Interview: Under this method, the applicant is asked to express his opinion on any topic he likes. Here the interviewer listens to the views of the applicant without any intervention. This interview helps the interviewer to assess the personality of the applicant. 

c. Patterned or Structural Interview: In this type of interview, the interviewer is looking for information in a particular area of interest of the organization. A number of standard questions are framed in advance which is to be answered by the applicant. These questions focus on the experience, skills, and personality of the ideal candidate would possess. 

d. Stress Interview: In this interview, the interviewer will intentionally try to upset the applicant, to see his reactions under pressure. Uncomfortable or irritating questions may be asked to the applicant to test his patience. This type of interview may be more commonly used in high stress jobs. 

e. Board or Panel Interview: In this interview, a group of persons called interviewers asks the applicant, questions in different subjects or areas of interest of the candidate. Immediately after the interview, they meet, discuss and evaluate the performance of the applicant on the basis of answers given by him. This type of interview is common in case of professional jobs. 

f. Group Interview: A group interview occurs when several candidates for a position are interviewed simultaneously. A common topic presented before the candidates for discussion. Group interview offers candidates to express their leadership potential and style. 

4. Reference and Background checks: In addition to the required educational qualifications, skill and experience, the candidates must also possess other qualities liked honesty, loyalty, etc. These qualities can be judged by the information obtained from the heads of educational institutions where the candidates have studied or from the persons whose names are given by the candidates as reference or from their previous employers. 

5. Selection Decision: After a candidate has cleared all the hurdles in the selection procedure, the employer may take a decision of selection after consulting the concerned manager who is responsible for the performance of the new employee. 

6. Medical examination: Candidates finally selected for the job are asked to undergo medical examination to see whether they are physically fit for the job. The physical fitness of employees reduces labour turnover, absenteeism, accidents, etc., and ensure higher standard of health of employees in the organization. 

7. Job Offer: Candidates finally selected are offered to join the organization, for which a formal appointment order is issued by the organization. It contains the nature of the job, the remuneration, pay scale and other terms and conditions relating to employment. Usually, a reasonable time is given to the candidates to join the organization. 

8.Contract of Employment: If the selected candidate decides to join the organization, he has to report to the concerned authority and formally join the organization by giving his consent in writing. This is known as acceptance of job offer. Then, the organization will open a service register in the name of the candidate and records all details like qualification, particulars of employment, pay scale, etc. 

9. Conclusion: Workers are essential, active and sensitive factor of production. Utmost care should be taken in their selection. The above process assists in proper selection of the workers who will remain the permanent assets of the organization.

Every organisation is established to achieve certain objectives. Different organisations are having different objectives and management are having different objectives and management has to achieve these objectives effectively and efficiently. Management Objectives can be classified into organisational objectives, social objectives, and personal or individual objectives.

1. Organisation Objectives: Management is responsible for setting and achieving objectives for the organisation. The main objective of any organisation is to utilise human and material resources to the maximum possible advantage, management of every organisation strives to accomplish the objectives, considering the interest of all the stakeholders, i.e., shareholders, employees, customers, and the government. The economic objectives of an organisation include 

a. Survival: Management must work to ensure the survival of the organisation by earning enough revenue to cover its costs. 

b. Profit: Earning of profit is very essential for meeting the expenses and for successful continuity of business. Therefore, management should ensure that sufficient profits are earned to cover the costs and risks of business. 

c. Growth: For the existence of business organisation for a long period, management should explore all its prospects of growth and development to remain in industry. Growth of a business can be measured in terms of increased sales, increase in the number of employees, the number of products or the increase in capital investment. 

2. Social Objectives: It involves the creation of benefits for society. As a part of society, every organisation has a social obligation to fulfill. This refers to consistently creating economic value for various constituents of society. This includes. 

• Using environmental friendly methods of production. 
• Creating employment opportunities particularly to the under privileged sections of society. 
• Providing amenities to society, like schools and creches to employees children. 
• Providing financial support to society for noble causes. 
• Participating in social service projects of government and non-governmental organisations. 

3. Personal (or) Individual objectives: Organisations are made up of people who have different personal backgrounds, experiences and objectives. It is very important to satisfy their diverse needs by getting their whole hearted support in achieving the organisational objectives. The personal objectives include 

• Financial needs like salaries, incentives, and other benefits. 
• Social needs like recognition in the organisation. 
• Higher level needs include personal growth and development. Management has to take care of personal needs of its employees while also fulfilling the other objectives. 

4. Management helps in achieving personal objectives: A manager motivates and leads his team in such a manner that individual members are able to achieve personal goals while contributing to the overall organisational objectives. Through motivation and leadership the management helps individuals to develop team spirit, cooperation and commitment to group success

(d) a and b above

Criticisms of Say’s Law: 

The following are the criticisms against Say’s law:

1. According to Keynes, supply does not create its demand. It is not applicable where demand does not increase as much as production increases. 

2. Automatic adjustment process will not remove unemployment. Unemployment can be removed by increase in the rate of investment. 

3. Money is not neutral. Individuals hold money for unforeseen contingencies while businessmen keep cash reserve for future activities. 

4. Say’s law is based on the proposition that supply creates its own demand and there is no over production. Keynes said that over production is possible. 

5. Keynes regards full employment as a special case because there is under – employment in capitalist economies. 

6. The need for state intervention arises in the case of general over production and mass unemployment.

The major limitations of planning are given below 

a. Planning leads to rigidity: In an organization, a well-defined plan is drawn up with specific goals to be achieved within a specific time frame. These plans then decide the future course of action. The managers may not be in a position to change these plans. This kind of rigidity in plans may create difficulty. This rigidity restricts the individual freedom, initiative, and creativity. 

b. Planning may not work in a dynamic environment: The business environment is dynamic. Planning anticipates future. It takes into consideration the possible changes in economic, political, legal and social dimensions. But it becomes difficult to accurately assess future trends. Competition in the market can also upset the plans. Planning cannot foresee everything and thus, there may be obstacles to effective planning. 

c. Planning reduces creativity: Planning is an activity which is done by the top management. Usually, the rest of the members just implement these plans. Middle management and other decision-makers are neither allowed to deviate from plans nor are they permitted to act on their own. Thus, much of the initiative or creativity inherent in them also get lost or reduced. 

d. Planning involves huge costs: When plans are drawn up, huge costs are involved in their formulation. These may be in terms of time and money. The cost incurred sometimes may not justify the benefits derived from the plans.

There are various ways in which the objective of consumer protection can be achieved which are as follows: 

1. Self Regulation by Business: Enlightened business firms realize that it is in their long-term interest to serve the customers well. Socially responsible firms follow ethical standards and practices in dealing with their customers. 

2. Business Associations: The associations of trade, commerce and business like Federation of Indian Chambers of Commerce of India and Confederation of Indian Industries have laid down their code of conduct which lay down their guidelines for their members in dealing with the customers. 

3. Consumer Awareness: A consumer who is well informed about his rights, and the reliefs available, would be in a position to raise his voice against any unfair trade practices or any kind of exploitation by the seller 

4. Consumer Organization: Consumer organizations play an important role in educating consumers about their rights and providing protection to them. They can force business firms to avoid malpractices and exploitation of consumers. 

5. Government: The government can protect the interest of the consumers by enacting various legislations.

Breaking the Vicious Circle of Poverty: 

1. The vicious circle of poverty is associated with low rate of saving and investme

2. In UDCs the rate of investment and capital formation can be stepped up without reduction in consumption. For this, the marginal rate of savings is to be greater than average rate of savings. 

3. To break the vicious circle on the demand side, Nurkse suggested the strategy of balanced growth. 

4. If investment is made in several industries simultaneously the workers employed in various industries will become consumers of each other’s products and will create demand for one another. 

5. The balanced growth i.e. simultaneous investment in large number of industries creates mutual demand. Thus, through the strategy of balanced growth, vicious circle of poverty operating on the demand side of capital formation can be broken.nt on the supply side 

Delegation of authority is necessary for the smooth functioning of a business. It increases the working capacity of a manager. 

Effective delegation can lead to the following benefits: 

1. Effective management: Delegation enables superiors to assign the routine activities to the subordinates and he can concentrate on other important functions. Thus, a manager can increase his effectiveness by using the skills of subordinates through delegation of authority. 

2. Employee development: Employees get more opportunities to utilize their talent. It motivates them to develop themselves for higher positions, as they are given opportunities to use their skills and talents for gaining excellence in their jobs. 

3. Facilitates growth: Delegation facilitates growth and expansion by providing trained and experienced personnel for taking up leading positions in new project. 

4. Basis of management hierarchy: Delegation of authority determines who has to report to whom. It creates the chain of superior-subordinate relationship which is the basis for hierarchy of management. 

5. Better co-ordination: The elements of delegation namely authority, responsibility and accountability clearly defined powers, duties answerability related to various departments. This helps to avoid overlapping of duties and brings better coordination among various departments and functions of management. 

6. Quick decision making: The subordinates are given authority to take decisions. They need not go to their superiors from time to time for taking decision on routine matters. This increases speed of decision making.

The marketing mix consists of various elements, which have been broadly classified into four categories popularly known as four Ps of marketing which is as follows:

1. Product mix: Product means ‘anything of value’ which is offered to the market for sale. Product is one of the main elements of marketing mix. In marketing terms, product refers to anything that satisfies the needs of the consumers. It may be a good, a service or an idea. The product mix has the following important components: Brand, Style, colour, design, product line, Package, warranty, etc. The concept of product also includes the extended product or what is offered to the customers by way of after-sale services, handling complaints, availability of spare parts, etc, 

2. Price mix: Price represents the value of a product expressed in terms of money it is the amount of money customers have to pay to obtain the product. The price mix is concerned with fixing a reasonable price to the product or services that cover the cost and distribution expenses as well gets reasonable profits to the manufacturer. The basic variables related to price mix include pricing strategy, pricing policy, credit – terms, discounts, allowances, etc, 

3. Promotion mix: Promotion of product and services – include activities that communicate availability, features, merits, etc, of the products to the target customer and persuade them to buy it. The promotion mix includes personal selling, publicity, advertising, and sales promotion. Most marketing organisations, undertake various promotional activities and spend money on the promotion of their goods using promotional tools such as advertising, personal selling, etc, the success of a market offer will depend on how well these ingredients are mixed to create superior value for the customers and also achieve their sale and profit objective. 

4. Place: Place or physical distribution include activities that make firm’s products available to the target customers. It is concerned with making available the goods and services at right time, at right place, in right quantity. It enables the smooth flow of goods and services from the producers to the customers. It creates place, time and possession utilities. The place mix includes distribution channels like agents, wholesalers retailers ect, and physical distribution which includes transport, warehousing, inventory, etc. 

Conclusion: The process of marketing involves creating a market offering, to satisfy the needs and wants of the present and potential buyers. From a number of alternatives available a firm chooses a particular combination to develop a market offering the combination of variables chosen by a firm to prepare its market offering is called as marketing mix.

a. Directing initiates action: Directing is an important managerial function. A manager has to perform this function along with planning, organizing, staffing and controlling while discharging his duties in the organization. While other functions prepare a setting for action, directing initiates action in the organization. 

b. Directing takes place at every level of management: Every manager, from top executive to supervisor performs the function of directing. The directing takes place wherever superiorsubordinate relations exist. 

c. Directing is a continuous process: Directing is a continuous activity. It takes place throughout the life of the organization irrespective of people occupying managerial positions. 

d. Directing flows from top to bottom: Directing is first initiated at top level and flows to the bottom through organizational hierarchy.

Electronic trading systems or screen-based trading has the following advantages: 

1. It ensures transparency as it allows participants to see the prices of securities in the market while business is being transacted. They are able to see the full market during real-time. 

2. It increases efficiency of information being passed on, thus helping in fixing prices efficiently. The computer screens display information on prices and also capital market developments that influence share prices. 

3. It increases the efficiency of operations since there is reduction in time cost and risk of error. 

4. People from all over the country and even abroad who wish to participate in the stock market can buy or sell securities through brokers or members without knowing each other. This system has enabled a large number of participants to trade with each other, thereby improving the liquidity of the market.

Planning is a prerequisite for controlling. A system of control can work only when there are certain standards. These standards of performance which serve as the basis of controlling are provided by planning. Once a plan becomes operational, Controlling is necessary to monitor the progress, measure it, discover deviations and initiate corrective measures to ensure that events conform to Plans Thus, planning without controlling is meaningless. Similarly, controlling is blind without planning. Thus, planning and controlling are inseparable twins of management.

The Indian National Congress lost power at the Centre in the general elections held in 1977

The correct answer is 1951.

• The first general elections held after independence in India were held from 25th October 1951 to 21st February 1952.
• It was the largest election conducted at the time.
• A total of 53 parties and 533 independent candidates contested the 489 seats in the election.
• There were 17,32,00,000 voters excluding the state of Jammu and Kashmir in the general election of 1951.
• Out of the 489 seats in the Lok Sabha 245 seats were needed for a majority.
• Indian National Congress won 364 out of 489 seats and 45% of the total votes polled.
• Pandit Jawaharlal Nehru became the first democratically elected Prime Minister of India.
• The elections in India are conducted by the independent constitutional body called the Election Commission of India.
• Sukumar Sen was the First Chief Election Commissioner of India and the current Chief Election Commissioner of India is Sushil Chandra. (May 2021) 

The correct answer is Haryana.

• The first, solar-based micro-irrigation project of India, has been recently launched at Dera Fateh Singh village in Pehowa in Kurukshetra district of Haryana.

• This project is the country’s first pilot project on micro-irrigation under the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY).
• Under the Central government’s initiative “more crop, per drop”, the project will draw energy from solar panels and the power grid.

• Recently, The Chief Minister of Haryana Sri Manohar Lal Khattar announced an 85 per cent subsidy for solar power-run micro-irrigation projects in 36 administrative blocks that are facing acute depletion of the underground water table.

The correct answer is Japan and Russia.

• The island chain known as the Kurils stretches north across the Pacific Ocean from the Japanese island of Hokkaido to the southern tip of Russia's the Kamchatka Peninsula.
• It consists of 56 islands and minor rocks.
• The chain is part of the belt of geologic instability circling the Pacific and contains at least 100 volcanoes, of which 35 are still active, and many hot springs.
• Earthquakes and tidal waves are common phenomena over these islands.
• Four islands - which Russia calls the Southern Kurils and Japan call the Northern Territories - are the subject of a 60-year-old dispute between the two nations.
  • They are Kunashir (known in Japanese as Kunashiri), Iturup (Etorofu), Shikotan and the rocky Habomai islets.
  • The southernmost islet in the Habomai group lies only a few kilometres off Nemuro on the Japanese island of Hokkaido
  • Because of the dispute, Russia and Japan have not yet signed a peace treaty to end World War II.

• In 1855, Russia and Japan signed the Treaty of Shimoda, which gave Japan ownership of the four southern islands and Russia ownership of everything to the north.
• Communities developed on three of the islands and by the time World War II began, there were 17,000 Japanese residents.
• Russia took control of the islands at the end of the war, and by 1949 it had deported all residents to Japan.
• Under the 1951 San Francisco Peace Treaty, signed between the Allies and Japan, Japan renounced "all right, title and claim to the Kuril Islands", as well as over other possessions. But this resolved nothing because Russia did not sign the treaty and the Japanese government has never recognised the four islands as part of the Kuril chain.
• In 1956, the Japan-Soviet Joint Declaration restored diplomatic ties between the two nations, but a formal peace deal remained out of reach because of the territorial dispute.
• At the time, Russia proposed returning the two islands closest to Japan, a deal Japan rejected, in part because the two islands represent only 7% of the land in question.
• Since then, the dispute has remained unresolved.

syndicate was Group of powerful congress leaders.

C.P.I second position in the first general election in India.

The correct answer is 7.3%.

• The area of Uttar Pradesh is approximately 7.30% of the total area of the country.

• Uttar Pradesh is the fourth largest state in the country while Rajasthan is the largest state in the country in terms of area.
• Uttar Pradesh is the most populous state in the country.
• Uttar Pradesh has 75 districts under 18 divisions.
• The state of Uttar Pradesh has 80 Lok Sabha seats while it has 31 Rajya Sabha seats.
• The Legislative Assembly of Uttar Pradesh has 404 members while its Legislative Council comprises of 100 members.