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Steps in Materials Control

One of the greatest challenges in selecting a materials management system is the sheer number of solutions available. In an arena where time is money, because inefficiencies in the materials […]

Materials Control: Meaning

Material control is the main component of the process of material management. Control over materials is of utmost importance for smooth and uninterrupted functioning of an organisation. “Material control is […]

Cost classification and elements of cost

Classification of Costs: Classification of Cost by Nature or Element Functional Classification of Cost Classification of Cost on the Basis of Behaviour Classification of Costs for Managerial Decisions and Control […]

Difference between Financial, Cost and Management accounting

  FINANCIAL ACCOUNTING MANAGEMENT ACCOUNTING PRIMARY USERS External( Investors, government authorities, creditors) Internal(Managers of business, employees) PURPOSE OF INFORMATION Help investors, creditors, and others make investment, credit, and other decisions Help managers […]

Cost center and Cost units

Cost center includes a production or service location, function, activity or plant item in relation to which costs are determined. It may include a single expensive machine, a group of these […]


General Agreement on Tariffs and Trade (GATT) General Agreement on Tariffs and Trade (GATT) was a legal agreement between many countries, whose overall purpose was to promote international trade by […]


The World Trade Organization (WTO) The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, […]


Foreign Direct Investment (FDI) Foreign Direct Investment (FDI) is one of the most important sources of non-debt foreign investment flows in developing countries like India. After the announcement of New […]


The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India “to consolidate and change the law relating to foreign exchange with the objective of facilitating […]

Monetary and Fiscal Policies

Monetary policy and fiscal policy refer to the two most widely recognized tools used to influence a nation’s economic activity. Monetary policy is primarily concerned with the management of interest […]

Nature and Structure of the Economy

NATURE OF THE ECONOMY The nature of economics is related to the study of wealth or human behaviour or of scarce resources. The scope is very wide and includes the […]


Economics is a social science concerned with the production, distribution and consumption of goods and services. It studies how individuals, businesses, governments and nations make choices on allocating resources to […]

Nature of Economic Environment

Economic Environment is considered both as positive and normative science. It also covers both micro and macro aspects of different pollution problems. Positive and Normative aspects Environmental economics is an […]

Consumption Function

The consumption function, or Keynesian consumption function, is an economic formula that represents the functional relationship between total consumption and gross national income. It was introduced by British economist John […]