Notes and Summaries || 3
Quite often, miscommunication arises due to on barrier or the other. Barrier or problems can arise at any stage of the
communication process. Various problems of or barrier to communication may be classified as under: (i) Semantic barrier
(ii) Physical and Mechanical barriers
(iii) Organizational barrier
This notes covers about the different markets, price determination, in such market and equilibrium in monopoly, perfect competition, oligopoly, monopolistic competition. .
A Bill of Exchange has been defined as an “instrument in writing containing an unconditional order signed by the maker directing a certain person to pay a certain sum of money only to or to the order of a certain person or to the bearer of the instrument”. When such an order is accepted in writing on the face of the order itself, it becomes a valid bill of exchange.
A Negotiable Instrument is the written and signed document entitling a person to a sum of money specified in it and which is transferable from one person to another either by delivery or by an endorsement & delivery
The party committing breach of contract is called the ‘guilt party’ and the other party is called the ‘injured’ or ‘aggrieved’ party.
A contract, being a fountainhead of a correlative set of rights and obligations for the parties, would be of no value, if there were no remedies to enforce the rights arising there under.
Job costing and process costing are the two methods of cost accounting. Job costing is applied where production is carried out under specific orders, depending upon customers requirement. Here each job is considered as a cost unit and to some extent the cost centre also.
• Cost Analysis refers to the Study of Behaviour of Cost in relation to one or more Production Criteria like size of Output, Scale of Operations, Prices of Factors of Production.
• In other words, Cost Analysis related to the Financial Aspects of Production Relations against Physical Aspects.
This note covers Indifference curve, utility, law of diminishing marginal utility. Consumers surplus. Utility is synonymous with "Pleasure", "Satisfaction" & a Sense of Fulfillment of Desire
- Willing to Offer to the Market at Various Prices during Period of Time
- Able to Offer to the Market at Various Prices during Period of Time
- What Firms Offer for Sale, Not Necessarily to What they Succeed in Selling
- Is a Flow i.e. as per unit of time, per day, per week, or per year
A Joint Venture is a very short duration “business” (generally, confined to a single transaction, like, buying some surplus stores and selling them) entered into by two or more persons jointly. Joint Venture may be described as a temporary partnership between two or more persons without the use of the firm name, for a limited purpose.
Venture may be for the construction of a building or a bridge, for the supply of certain quantity of materials or labour and even for the supply of technical services. The persons who have so agreed to undertake a Joint Venture are known as ‘Joint Venturers’ or ‘Co- Venturers’.