Tsivasankaran
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Vinayakumar
Human Resource Management
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Q. 37. Which of the following company uses the tagline of Applying Thought :
A. Godrej Locks
B. Xerox
C. Singapore Airlines
D. Wipro
Q. 38. The word ‘demat’ is associated with
A. Share market
B. Bullion market
C. Commodity market
D. Money market

Q. 37. Which of the following company uses the tagline of Applying Thought :
A. Godrej Locks
B. Xerox
C. Singapore Airlines
D. Wipro
Q. 38. The word ‘demat’ is associated with
A. Share market
B. Bullion market
C. Commodity market
D. Money market

Q. 39. What is the premise behind the time value of money?
A. An investor prefers to receive money in the future, rather than the same
amount today (all else being equal)
B. An investor prefers to receive money today, rather than the same amount in
the future (all else being equal)
C. An investor is indifferent to whether they receive money today, or the same
amount in the future (all else being equal)
D. None of these
Q. 40. Which company built the Gateway of India?
A. East India Engineering Company
B. Larsen and Toubro Ltd
C. Gammon (Bombay) Pvt. Ltd.
D. None of these
Q. 41. In which country did the world's first paper money appear?
A. China
B. The Netherlands
C. Canada
D. Japan
Q. 42. Who was the first Governor of the Reserve Bank of India?
A. Sir Osborne Smith
B. Sir James Braid Taylor
C. Sir Chintaman D Deshmukh
D. Bimal Jain
Q. 43. Which was the first bank in India?
A. General Bank of India
B. Bank of Bengal
C. Bank of Bombay
D. Central Bank of India

Q. 44. Which of the following is not the function of MONEY?
A. Medium of exchange
B. Increasing the purchasing power
C. Standard measure of value
D. Hedge against inflation
Q. 45. A current account deficit is a symptom of:
A. A government budget deficit and/or low levels of domestic saving
B. A government budget surplus and/or high levels of domestic saving
C. A government budget deficit and/or high levels of domestic saving
D. A government budget surplus and/or low levels of domestic saving

Q. 46. The financial market where medium- and long-term debt instruments (such as
bonds and shares of businesses and public authorities) are traded is called
A. Money market
B. Capital market
C. Capital mortgage
D. Capital ratio:
Q. 47. Soumya is always the life of the party. He loves being the center of attention.
According to Eysenck, Soumya is a
A. Introvert
B. Extrovert
C. psychotic
D. neurotic
Q. 48. Who among the following is called the Father of Scientific Management?
A. Eric Tryst
B. Elton Mayo
C. F.W. Taylor
D. Douglas Mc Gregor
Q. 49. An employee in an organization tries to impersonate his manager’s way of getting
the work done. Learning by observing and imitating others behaviour is called
A. Observational learning
B. Vicarious learning
C. Operant learning
D. Experiential learning
Q. 50. Professor Kramer recently published an article in a scientific journal entitled,
“The development of prejudices among recent immigrants.” Which type of
psychologist is Professor Kramer?
A. Social
B. Experimental
C. Clinical
D. Developmental
Q. 51. According to Weber, the goal of the Confucian is to:
A. seize the means of production
B. smash the state.
C. make capitalism more productive and efficient
D. maintain the status quo.

1. SEWA Bank is:
(a) An exclusive bank of women in informal employment
(b) An urban cooperative bank
(c) The rural branch of Bank of India
(d) An association of self-help organisations
2. The World Bank is located in:
(a) Geneva (b) Rome
(c) Washington (d) New York
3. The World Bank was started to:
(a) Monitor the credit flows of banks in developing countries
(b) Monitor the credit flows of banks in all countries
(c) Provide soft loans for development
(d) Regulate international credit
4. The World Bank was established:
(a) By the USA to help developing countries
(b) By the USA to help Europe recover from World War Two
(c) By International Monetary Fund to provide loans for development
(d) By Bretten Woods conference
5. The International Monetary Fund is:
(a) A fund created to regulate balance of payments
(b) A fund created by UNO to help poorer countries getting foreign aid
(c) A body that regulates internal economic policies of countries with foreign loans

(d) A fund that regulates balance of credits
6. World Trade Organisation was earlier known as:
(a) International Alliance for Trade
(b) General Agreement on Trade and Travel
(c) General Agreement on Trade and Tariffs
(d) International Agreement on Trade and Tariffs
7. Which of the Indian Universities celebrated their sesquicentennial year in 2007?
(a) Mumbai University, Chennai University, Kolkata University
(b) Mumbai University, Madras University, 'Calcutta University
(c) Benares Hindu University, Delhi University, Aligarh Muslim University
(d) Mumbai University, Delhi University, Kolkata University
8. UNCTAD stands for:
(a) United Nations Council for Total Aid
(b) United Nations Conference on Trade and Development
(c) United Nations Council on Trade and Development
(d) United Nations Conference on Tourism and Development
9. The World Economic Forum is located in:
(a) Geneva (b) Washington
(c) Nairobi (d) Davos
10. Thomas Friedman is the author of:
(a) The Flat World
(b) Fortune at the Bottom of the Pyramid
(c) The World is Flat
(d) The BPO Revolution
11. SEZ stands for:
(a) Special Economic Zone (b) Special Export Zone
(c) Special Environment Zone (d) Special Export promotion Zone
12. The number of SEZs sanctioned so far is:
(a) 7 (b) 126
(c) 226 (d) 15
13. The World Social Forum is:
(a) A general forum to represent anti-globalisation policies
(b) A forum initiated by the World Economic Forum to discuss social aspects of
development
(c) A forum started by World Bank to discuss aspects of global poverty
(d) A forum to discuss problems of developing countries
14. Which of the following is an Indian retail chain?
(a) Wal-Mart (b) Bharti
(c) Pantaloons (d) Tesco

15. Wall Street is located in:
(a) New York (b) Washington
(c) Tokyo (d) Hong Kong
16. Outsourcing is:
(a) Sub-contracting work using individuals or companies from within the
organisation
(b) Sub-contracting work using individuals or companies from outside the
organisation
(c) A unit located within the company that helps to farm out contracts
(d) A company that allows its employees to work in other similar companies
17. The first trade union federation in India was:
(a) Indian National Trade Union Congress
(b) Independent Trade Union Federation
(c) All India Trade Union Congress
(d) Trade Union Congress
18. Which of the following is NOT registered as a trade union.
(a) Confederation of Indian Industries
(b) Federation of Indian Chambers of Commerce and Industry
(c) Self-Employed Women's Association
(d) Bharatiya Mazdoor Sangh
19. When workers in a company are asked to retire pre-maturely with extra
compensation it is known as:
(a) Compulsory Retirement Scheme (b) Superannuation
(c)Voluntary Retirement Scheme (d) Exit Policy
20. The Informal Sector is also known as:
(a) Unprotected sector
(b) A sector doing informal activities
(c) A sector where workers have flexible specialisation.
(d) sector that operates illegally
21. The International Labour Organisation is a representation of
(a) Trade unions
(b) Trade unions and governments
(c) Trade unions, government and employers
(d) Trade unions and Employers
22. The International Labour Organisation is located in:
(a) Geneva (b) Brussels
(c) New York (d) Washington
23. Which of the following countries registered the highest inflation rate in 2007?
(a) Kenya (b) South Africa
(c) Zimbabwe (d) Namibia

24. Which country is NOT a member of ASEAN?
(a) Malaysia (b) Bangkok
(c) Singapore (d) Burma
25. The Commonwealth countries are:
(a) Developing countries that want to share resources for development
(b) Former colonies
(c) Former colonies of European countries
(d) Former colonies of Great Britain
26. NAFTA stands for?
(a) North Atlantic Free Trade Association
(b) North Atlantic Free Trade Agreement
(c) North American Free Trade Association
(d) North American Free Trade Agreement
27. SAP stands for
(a) Structural and Analytical Processing
(b) Structural Adjustment Programme
(c) Special Assistance Programme
(d) Structural Allocation Programme
28. Which country is NOT in G 20?
(a) Brazil (c) Pakistan
(b) Japan (d) India
29. The Magsaysay Award is granted by
(a) Sweden (b) Switzerland
(c) Malaysia (d) Philippines
30. International Monetary Fund was created for:
(a) Providing loans for improving infrastructure
(b) To stabilise global standards
(c) To regulate monetary transactions between countries
(d) To help in balance of trade
31. The term 'decent work' was coined by
(a) Mohammed Yunus (b) Nelson Mandela
(c) ILO (d) World Bank

32. The World Development Report is published by
(a) United Nations (b) International Monetary Fund
(c) UNDP (d) World Bank
33. Which is the largest democracy in the world?
(a) USA (b) China
(c) India (d) Brazil

34. The Vice President of India is
(a) Chairman of Rajya Sabha
(b) Leader of the majority group in Rajya Sabha
(c) Not a member of either houses of Parliament
(d) Deputy Chief of Armed Forces
35. The Mandal Commission recommended reservations In jobs and educational
institutions for
(a) Backward Classes (b) Other Backward Classes
(c) Other Backward Castes (d) Backward Castes
36. Who is the author of the book Globalisation and its Discontents?
(a) Norman Mailer (b) Joseph Stiglitz
(c) David Harvey (d) Saskia Sassen
37. What does LPG stand for?
(a) Liquid Petroleum Gas
(b) Liberalisation, Privatisation and Government
(c) Liberalisation, Priv!ltisation and Globalisation
(d) Labour, Privatisation and Globalisation
38. Trade unions are:
(a) Organisations of workers with different trades
(b) Organisations of traders to protect their interests
(c) Organisations self-employed to become traders
(d) Organisers of workers to protect their interests
39. Street vendors can be described as:
(a) Those engaged in illegal trade on the street
(b) Micro-entrepreneurs
(c) People who work on streets
(d) Those operating with licenses
40. The Constitution describes India as:
(a) Democratic Republic
(b) Sovereign, Democratic, Republic
(c) Sovereign, Socialist, Secular, Democratic Republic
(d) Secular Republic
41. The pass known as part of historic silk route that connected China with India, West
Asia and Europe is:
(a) Khyber (b) Resham
(c) Mal Mal (d) Nathu La
42. Ban Ki- Moon, who took over from Kofi Annan belongs to:
(a) Japan (b) North Korea
(c) South Korea (d) China

43. Freedom From Fear and other Writings is authored by
(a) Rajmohan Gandhi (b) Aung San Su Kyi
(c) Nelson Mandela (d) Jawaharlal Nehru
44. Green Initiative for the Future Transport (GIFT) is related to:
(a) Environment Impact Assessment (b) Hydrocarbon Vision 2020 EIA
(c) H2 Energy in motor vehicle (d) Biodiesel
45. Which of the following is not a member of G-20?
(a) Brazil (b) China
(c) Pakistan (d) Japan
46. Which is the only religion that lays more stress on one's deeds than on God?
(a) Shintoism (b) Taoism
(c) Buddhism (d) Vaishnavism
47. Jyotiba Phule was known as:
(a) A peasant leader
(b) Leader of Dalits in Maharashtra
(c) Leader of armed insurrection against the British rule
(d) A social reformer who sought for alliance between oppressed castes
48. Scheduled Castes are:
(a) Dalits
(b) Castes having special privileges
(c) Castes named in a list of the Constitution
(d) Castes that have been declared by government
49. Dr. Mohammad Yunus is known as founder of:
(a) Rural Bank of Bangladesh (b) Grameen Bank
(c) Grameen Mahila Bank (d) Grameen Cooperative Bank
50. Self-help groups arc:
(a) Groups organising for micro-credit
(b) Groups that believe that helping each other is a new movement
(c) Groups that are organised around common issues
(d) Groups that carry out diverse activities relating to economic benefit

36. Which of the following is mismatched

a. Godavari - Maharashtra

b. Cauvery – Karnataka

c. Ganga – Himachal Pradesh

d. Haldia - Bihar

37. The Armed Forces (Special Powers) act of 1958 is in force in

a. Manipur, Nagaland and Mizoram

b. Assam, Tripura and Mehalaya

c. All of the above

d. None of the above

38. Who among the following has not won the ‘Bharat Ratna’?

a. Lata Mangeshkar

b. Marudhur Gopalan Ramachandran

c. Dr. Nelson Rohilhlahla Mandela

d. Nandamuri Taraka Ramarao

39. The National programme of Nutritional Support to Primary education was

launched

a. 1995

b. 1996

c. 2004

d. 2005

40. The constitution has

a. 12 schedules, 395 articles, 22 parts

b. 12 schedules, 375 articles, 20 parts

c. 12 schedules, 394 articles, 22 parts

d. 12 schedules, 395 articles, 21 parts

41. Which of the following is incorrectly matched?

a. Bhakranangal – Haryana

b. Srisailam – Andhrapradesh

c. Gandhisagar – Madhya Pradesh

d. Sardar Sarovar - Gujarat

42. Which of the following is not one of the socio – demographic goals of the

National Population Policy - 2000

a. Make school education up to age 14 free and compulsory, and reduce drop

outs at primary and secondary school levels to below 20 percent for both boys

and girls.

b. Achieve universal immunization of children against all vaccine preventable

diseases.

c. Promote delayed marriage for girls, not earlier than age 18 and preferably after

20 years of age.

d. None of the above

43. Which among this has not won the nobel prize
a. C.V.Raman
b. R.K.Pachauri
c. Abdul Kalam
d. Amartya sen
44. The current contribution of Nucleur power to total energy production in India is
a. > 20 %
b. 15-20 %
c. >15%
d. < 5%
45. The literacy rate for females in India according to the census of 2001 is
a. 50-55%
b. 45-55%
c. 40-45%
d. 55-60%
46. Which of the following is not a poet
a. M.F. Hussain
b. Kaifi Azmi
c. Makhdoom Mohiuddin
d. Sahir Ludhianvi
47. Gitanjali was written originally written in
a. Hindi
b. Sanskrit
c. Bengali
d. English
48. P.C.Mahalanobis is associated with
a. Agriculture
b. Statistics
c. Medicine
d. Geology
49. Which of the following does mosquito not spread
a. Dengue
b. Malaria
c. Filaria
d. Cholera
50. I.C.D.S provides
a. financial support to mothers
b. nutrition to children
c. subsidies to B.P.L. families
d. micro credit

Glossary of Economic Terms and Concepts

Absolute advantage - The ability to produce something with fewer resources than other producers would use to produce the same thing
Alternatives - Options among which to make choices.

Balance of trade - The part of a nation's balance of payments that deals with merchandise (or visible) imports or exports.
Bank, commercial - A financial institution accepts checking deposits, holds savings, sells traveler's checks and performs other financial services.
Barter - The direct trading of goods and services without the use of money.
Benefit - The gain received from voluntary exchange.
Bond - A certificate reflecting a firm's promise to pay the holder a periodic interest payment until the date of maturity and a fixed sum of money on the designated maturity date.
Business (firm) - Private profit-seeking organizations that use resources to produce goods and services.



Capital - All buildings, equipment and human skills used to produce goods and services.
Capital resources - Goods made by people and used to produce other goods and services. Examples include buildings, equipment, and machinery.
Change in demand - see Demand decrease and Demand increase.
Change in supply - see Supply decrease and Supply increase.
Choice - What someone must make when faced with two or more alternative uses of a resource (also called economic choice).
Circular flow of goods and services (or Circular flow of economic activity) - A model of an economy showing the interactions between households and business firms as they exchange goods and services and resources in markets.
Collateral - Anything of value that is acceptable to a lender to guarantee repayment of a loan.
Command economy - A mode of economic organization in which the key economic functions--what, how, and for whom--are principally determined by government directive. Sometimes called a "centrally planned economy."
Comparative advantage - The principle of comparative advantage states that a country will specialize in the production of goods in which it has a lower opportunity cost than other countries.
Competition - The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms.
Complements - Products that are used with one another such as hamburger and hamburger buns
Consumers - People whose wants are satisfied by consuming a good or a service.
Consumption - In macroeconomics, the total spending, by individuals or a nation, on consumer goods during a given period. Strictly speaking, consumption should apply only to those goods totally used, enjoyed, or "eaten up" within that period. In practice, consumption expenditures include all consumer goods bought, many of which last well beyond the period in question --e.g., furniture, clothing, and automobiles.
Consumer spending - The purchase of consumer goods and services.
Corporation - A legal entity owned by stockholders whose liability is limited to the value of their stock.
Costs - See Opportunity Cost
Costs of production - All resources used in producing goods and services, for which owners receive payments.
Craftsperson - A worker who completes all steps in the production of a good or service.
Credit - (1) In monetary theory, the use of someone else's funds in exchange for a promise to pay (usually with interest) at a later date. The major examples are short-term loans from a bank, credit extended by suppliers, and commercial paper. (2) In balance-of-payments accounting, an item such as exports that earns a country foreign currency.
Criteria - Standards or measures of value that people use to evaluate what is most important.

Decision making - Choosing from alternatives the one with the greatest benefit net of costs.
Deflation - A sustained and continuous decrease in the general price level.
Demand - A schedule of how much consumers are willing and able to buy at all possible prices during some time period.
Demand decrease - A decrease in the quantity demanded at every price; a shift to the left of the demand curve.
Demand increase - An increase in the quantity demanded at every price; a shift to the right of the demand curve.
Determinants of demand - Factors that influence consumer purchases of goods, services, or resources.
Determinants of supply - Factors that influence producer decisions about goods, services, or resources.
Distribution - The manner in which total output and income is distributed among individuals or factors (e.g., the distribution of income between labor and capital).
Division of labor - The process whereby workers perform only a single or a very few steps of a major production task (as when working on an assembly line.)
Durables - Consumer goods expected to last longer than three years.



Earn - Receive payment (income) for productive efforts.
Economic growth - An increase in the total output of a nation over time. Economic growth is usually measured as the annual rate of increase in a nation's real GDP.
Economic system - The collection of institutions, laws, activities, controlling values, and human motivations that collectively provide a framework for economic decision making.
Economic wants - Desires that can be satisfied by consuming a good or a service. Some economic wants range from things needed for survival to things that are nice to have.
Employment - See Full employment
Entrepreneur - One who organizes, manages, and assumes the risks of a business or enterprise.
Entrepreneurship - The human resource that assumes the risk of organizing other productive resources to produce goods and services.
Equilibrium price - The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers.
Exchange - Trading goods and services with others for other goods and services or for money (also called trade). When people exchange voluntarily, they expect to be better off as a result.
Exchange rates - The rate, or price, at which one country's currency is exchanged for the currency of another country.
Excise Tax - Taxes imposed on specific goods and services, such as cigarettes and gasoline.
Exports - Goods or services produced in one nation but sold to buyers in another nation.



Factors of production - Resources used by businesses to produce goods and services.
Federal Reserve System - The central bank and monetary authority of the United States.
Final goods - Products that end up in the hands of consumers.
Fiscal policy - A government's program with respect to (1) the purchase of goods and services and spending on transfer payments, and (2) the amount and type of taxes.
Functions of money - The roles played by money in an economy. These roles include medium of exchange, standard of value, and store of value.
Full employment - A term that is used in many senses. Historically, it was taken to be that level of employment at which no (or minimal) involuntary unemployment exists. Today economists rely upon the concept of the natural rate of unemployment to indicate the highest sustainable level of employment over the long run.



Goods - Objects that can satisfy people's wants.
Government - National, state and local agencies that use tax revenues to provide goods and services for their citizens.
Gross domestic product (GDP) - The value, expressed in dollars, of all final goods and services produced in a year.
Gross domestic product (GDP), real - GDP corrected for inflation.



Households - Individuals and family units which, as consumers, buy goods and services from firms and, as resource owners, sell or rent productive resources to business firms.
Human capital - The health, strength, education, training, and skills which people bring to their jobs.
Human resources - The quantity and quality of human effort directed toward producing goods and services (also called labor).



Incentives - Factors that motivate and influence the behavior of households and businesses. Prices, profits, and losses act as incentives for participants to take action in a market economy.
Imports - Goods or services bought from sellers in another nation.
Income - The payments made for the use of borrowed or loaned money.
Increase in productivity - When the same amount of an output can be produced with fewer inputs; more output can be produced with the same amount of inputs; or a combination of the two.
Inflation - A sustained and continuous increase in the general price level.
Interdependence - Dependence on others for goods and services; occurs as a result of specialization.
Interest rates - The price paid for borrowing money for a period of time, usually expressed as a percentage of the principal per year.
Investment in capital goods - Occurs when savings are used to increase the economy's productive capacity by financing the construction of new factories, machines, means of communication, and the like.
Investment - The purchase of a security, such as a stock or bond.
Investment in capital resources - Business purchases of new plant and equipment.
Investment in human capital - An action taken to increase the productivity of workers. These actions can include improving skills and abilities, education, health, or mobility of workers.



Labor force - That group of people 16 years of age and older who are either employed or unemployed.
Labor market - A setting in which workers sell their human resources and employers buy human resources.
Labor union - A group of employees who join together to improve their terms of employment.
Land - Natural resources or gifts of nature that are used to produce goods and services.
Law of demand - The principle that price and quantity demanded are inversely related.
Law of supply - The principle that price and quantity supplied are directly related.
Loss - Business situation in which total cost of production exceeds total revenue; negative profit.



Market - A setting where buyers and sellers establish prices for identical or very similar products, and exchange goods and/or services.
Market economy - An economic system where most goods and services are exchanged through transactions by private households and businesses. Prices are determined by buyers and sellers making exchanges in private markets.
Medium of exchange - One of the functions of money whereby people exchange goods and services for money and in turn use money to obtain other goods and services.
Mixed economy - The dominant form of economic organization in noncommunist countries. Mixed economies rely primarily on the price system for their economic organization but use a variety of government interventions (such as taxes, spending, and regulation) to handle macroeconomic instability and market failures.
Monetary policy - The objectives of the central bank in exercising its control over money, interest rates, and credit conditions. The instruments of monetary policy are primarily open-market operations, reserve requirements, and the discount rate.
Money - Anything that is generally accepted as a medium of exchange with which to buy goods and services, a good that can be used to buy all other goods and services, that serves as a standard of value, and has a store of value.
Money market - A term denoting the set of institutions that handle the purchase or sale of short-term credit instruments like Treasury bills and commercial paper.



National debt - The net accumulation of federal budget deficits.
National income - The amount of aggregate income earned by suppliers of resources employed to produce GNP; net national product plus government subsidies minus indirect business taxes.
Natural resources - "Gifts of nature" that are used to produce goods and services. They include land, trees, fish, petroleum and mineral deposits, the fertility of soil, climatic conditions for growing crops, and so on.
Non-durables - Consumer goods expected to last less than three years.
Non-price determinants of supply - The factors that influence the amount a producer will supply of a product at each possible price. The non-price determinants of supply are the factors that can change the entire supply schedule and curve.
Normal profit - The minimum payment an entrepreneur expects to receive to induce the entrepreneur to perform entrepreneurial functions.
Normative economics - Normative economics considers "what ought to be"--value judgments, or goals, of public policy. Positive economics, by contrast, is the analysis of facts and behavior in an economy, or "the way things are."



Opportunity cost - The next best alternative that must be given up when a choice is made.



Physical capital - Manufactured items used to produce goods and services.
Price - The money value of a unit of a good, service, or resource
Prices - The amounts that people pay for units of particular goods or services.
Private goods - A commodity that benefits the individual. An example is bread, which, if consumed by one person, cannot be consumed by another person. (See public goods.)
Producers - People who use resources to make goods and services (also called workers).
Production - The making of goods available for use; total output especially of a commodity or industry.
Productive resources - All natural resources (land), human resources (labor), and human-made resources (capital) used in the production of goods and services.
Productivity - The ratio of output (goods and services) produced per unit of input (productive resources) over some period of time.
Profit - The difference between total revenues and the full costs involved in producing or selling a good or service; it is a return for risk taking.
Property tax - Taxes paid by households and businesses on land and buildings.
Public goods - A commodity whose benefits are indivisibly spread among the entire community, whether or not particular individuals desire to consume the public good. For example, a public-health measure that eradicates smallpox protects all, not just those paying for the vaccinations. These goods are often provided by the government. To be contrasted with private goods.



Quantity demanded - The amount of a product consumers will purchase at a specific price.
Quota - A legal limit on the quantity of a particular product that can be imported or exported.
Quantity supplied - The amount of a product producers will produce and sell at a specific price.



Resources - All natural, human, and human-made aids to production of goods and services (also called productive resources).
Revenue - Payments received by businesses from selling goods and services.



Sales tax - Taxes paid on the goods and services people buy.
Save - Set aside earnings (income) for a future use.
Saving - Occurs when individuals, businesses, and the economy as a whole do not consume all of current income (or output).
Scarcity - The condition that results from the imbalance between relatively unlimited wants and the relatively limited resources available for satisfying those wants.
Services - Activities that can satisfy people's wants.
Shortage - The situation resulting when the quantity demanded exceeds the quantity supplied of a good or service, usually because the price is for some reason below the equilibrium price in the market.
Specialists - People who produce a narrower range of goods and services than they consume (also called specialized workers).
Specialization - The situation in which people produce a narrower range of goods and services than they consume.
Spend - Use earnings (income) to buy goods and services.
Standard of living - A minimum of necessities, comforts, or luxuries held essential to maintaining a person or group in customary or proper status or circumstances.
Standard of value - One of the functions of money whereby the value of goods and services is expressed in money terms (prices).
Stock - A certificate reflecting ownership of a corporation.
Store of value - One of the functions of money allowing people to save current purchasing power to buy goods and services in a future time period.
Substitutes - Products that can replace one another such as butter and margarine.
Supply - A schedule of how much producers are willing and able to sell at all possible prices during some time period.
Supply decrease - A decrease in the quantity supplied at every price; a shift to the left of the supply curve.
Supply increase - An increase in the quantity supplied at every price; a shift to the right of the supply curve.
Surplus - The situation resulting when the quantity supplied exceeds the quantity demanded of a good or service, usually because the price is for some reason below the equilibrium price in the market.



Tariff - A tax on an imported good.
Taxes - Required payments of money made to governments by households and business firms.
Total cost - Cost of resources used in producing a product multiplied by the quantity produced.
Total revenue - Selling price of a product multiplied by the quantity demanded.
Trade - See Exchange.
Trade agreement - An international agreement on conditions of trade in goods and services.
Trade-off - Giving up some of one thing to get some of another thing.
Traditional economy - A mode of economic organization which borrows economic decisions made at an earlier time or by an earlier generation



Unemployment - The situation in which people are willing and able to work at current wage rates, but do not have jobs.



Wages - The payment resource earners receive for their labor.
Work - Employment of people in jobs to make goods or services.
Workers - See Producers.

Absolute advantage - The ability to produce something with fewer resources than other producers would use to produce the same thing

Alternatives - Options among which to make choices.

Balance of trade - The part of a nation's balance of payments that deals with merchandise (or visible) imports or exports.

Bank, commercial - A financial institution accepts checking deposits, holds savings, sells traveler's checks and performs other financial services.

Barter - The direct trading of goods and services without the use of money.

Benefit - The gain received from voluntary exchange.

Bond - A certificate reflecting a firm's promise to pay the holder a periodic interest payment until the date of maturity and a fixed sum of money on the designated maturity date.

Business (firm) - Private profit-seeking organizations that use resources to produce goods and services.



Capital - All buildings, equipment and human skills used to produce goods and services.

Capital resources - Goods made by people and used to produce other goods and services. Examples include buildings, equipment, and machinery.

Change in demand - see Demand decrease and Demand increase.

Change in supply - see Supply decrease and Supply increase.

Choice - What someone must make when faced with two or more alternative uses of a resource (also called economic choice).

Circular flow of goods and services (or Circular flow of economic activity) - A model of an economy showing the interactions between households and business firms as they exchange goods and services and resources in markets.

Collateral - Anything of value that is acceptable to a lender to guarantee repayment of a loan.

Command economy - A mode of economic organization in which the key economic functions--what, how, and for whom--are principally determined by government directive. Sometimes called a "centrally planned economy."

Comparative advantage - The principle of comparative advantage states that a country will specialize in the production of goods in which it has a lower opportunity cost than other countries.

Competition - The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms.

Complements - Products that are used with one another such as hamburger and hamburger buns

Consumers - People whose wants are satisfied by consuming a good or a service.

Consumption - In macroeconomics, the total spending, by individuals or a nation, on consumer goods during a given period. Strictly speaking, consumption should apply only to those goods totally used, enjoyed, or "eaten up" within that period. In practice, consumption expenditures include all consumer goods bought, many of which last well beyond the period in question --e.g., furniture, clothing, and automobiles.

Consumer spending - The purchase of consumer goods and services.

Corporation - A legal entity owned by stockholders whose liability is limited to the value of their stock.

Costs - See Opportunity Cost

Costs of production - All resources used in producing goods and services, for which owners receive payments.

Craftsperson - A worker who completes all steps in the production of a good or service.

Credit - (1) In monetary theory, the use of someone else's funds in exchange for a promise to pay (usually with interest) at a later date. The major examples are short-term loans from a bank, credit extended by suppliers, and commercial paper. (2) In balance-of-payments accounting, an item such as exports that earns a country foreign currency.

Criteria - Standards or measures of value that people use to evaluate what is most important.

Decision making - Choosing from alternatives the one with the greatest benefit net of costs.

Deflation - A sustained and continuous decrease in the general price level.

Demand - A schedule of how much consumers are willing and able to buy at all possible prices during some time period.

Demand decrease - A decrease in the quantity demanded at every price; a shift to the left of the demand curve.

Demand increase - An increase in the quantity demanded at every price; a shift to the right of the demand curve.

Determinants of demand - Factors that influence consumer purchases of goods, services, or resources.

Determinants of supply - Factors that influence producer decisions about goods, services, or resources.

Distribution - The manner in which total output and income is distributed among individuals or factors (e.g., the distribution of income between labor and capital).

Division of labor - The process whereby workers perform only a single or a very few steps of a major production task (as when working on an assembly line.)

Durables - Consumer goods expected to last longer than three years.



Earn - Receive payment (income) for productive efforts.

Economic growth - An increase in the total output of a nation over time. Economic growth is usually measured as the annual rate of increase in a nation's real GDP.

Economic system - The collection of institutions, laws, activities, controlling values, and human motivations that collectively provide a framework for economic decision making.

Economic wants - Desires that can be satisfied by consuming a good or a service. Some economic wants range from things needed for survival to things that are nice to have.

Employment - See Full employment

Entrepreneur - One who organizes, manages, and assumes the risks of a business or enterprise.

Entrepreneurship - The human resource that assumes the risk of organizing other productive resources to produce goods and services.

Equilibrium price - The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers.

Exchange - Trading goods and services with others for other goods and services or for money (also called trade). When people exchange voluntarily, they expect to be better off as a result.

Exchange rates - The rate, or price, at which one country's currency is exchanged for the currency of another country.

Excise Tax - Taxes imposed on specific goods and services, such as cigarettes and gasoline.

Exports - Goods or services produced in one nation but sold to buyers in another nation.



Factors of production - Resources used by businesses to produce goods and services.

Federal Reserve System - The central bank and monetary authority of the United States.

Final goods - Products that end up in the hands of consumers.

Fiscal policy - A government's program with respect to (1) the purchase of goods and services and spending on transfer payments, and (2) the amount and type of taxes.

Functions of money - The roles played by money in an economy. These roles include medium of exchange, standard of value, and store of value.

Full employment - A term that is used in many senses. Historically, it was taken to be that level of employment at which no (or minimal) involuntary unemployment exists. Today economists rely upon the concept of the natural rate of unemployment to indicate the highest sustainable level of employment over the long run.



Goods - Objects that can satisfy people's wants.

Government - National, state and local agencies that use tax revenues to provide goods and services for their citizens.

Gross domestic product (GDP) - The value, expressed in dollars, of all final goods and services produced in a year.

Gross domestic product (GDP), real - GDP corrected for inflation.



Households - Individuals and family units which, as consumers, buy goods and services from firms and, as resource owners, sell or rent productive resources to business firms.

Human capital - The health, strength, education, training, and skills which people bring to their jobs.

Human resources - The quantity and quality of human effort directed toward producing goods and services (also called labor).



Incentives - Factors that motivate and influence the behavior of households and businesses. Prices, profits, and losses act as incentives for participants to take action in a market economy.

Imports - Goods or services bought from sellers in another nation.

Income - The payments made for the use of borrowed or loaned money.

Increase in productivity - When the same amount of an output can be produced with fewer inputs; more output can be produced with the same amount of inputs; or a combination of the two.

Inflation - A sustained and continuous increase in the general price level.

Interdependence - Dependence on others for goods and services; occurs as a result of specialization.

Interest rates - The price paid for borrowing money for a period of time, usually expressed as a percentage of the principal per year.

Investment in capital goods - Occurs when savings are used to increase the economy's productive capacity by financing the construction of new factories, machines, means of communication, and the like.

Investment - The purchase of a security, such as a stock or bond.

Investment in capital resources - Business purchases of new plant and equipment.

Investment in human capital - An action taken to increase the productivity of workers. These actions can include improving skills and abilities, education, health, or mobility of workers.



Labor force - That group of people 16 years of age and older who are either employed or unemployed.

Labor market - A setting in which workers sell their human resources and employers buy human resources.

Labor union - A group of employees who join together to improve their terms of employment.

Land - Natural resources or gifts of nature that are used to produce goods and services.

Law of demand - The principle that price and quantity demanded are inversely related.

Law of supply - The principle that price and quantity supplied are directly related.

Loss - Business situation in which total cost of production exceeds total revenue; negative profit.



Market - A setting where buyers and sellers establish prices for identical or very similar products, and exchange goods and/or services.

Market economy - An economic system where most goods and services are exchanged through transactions by private households and businesses. Prices are determined by buyers and sellers making exchanges in private markets.

Medium of exchange - One of the functions of money whereby people exchange goods and services for money and in turn use money to obtain other goods and services.

Mixed economy - The dominant form of economic organization in noncommunist countries. Mixed economies rely primarily on the price system for their economic organization but use a variety of government interventions (such as taxes, spending, and regulation) to handle macroeconomic instability and market failures.

Monetary policy - The objectives of the central bank in exercising its control over money, interest rates, and credit conditions. The instruments of monetary policy are primarily open-market operations, reserve requirements, and the discount rate.

Money - Anything that is generally accepted as a medium of exchange with which to buy goods and services, a good that can be used to buy all other goods and services, that serves as a standard of value, and has a store of value.

Money market - A term denoting the set of institutions that handle the purchase or sale of short-term credit instruments like Treasury bills and commercial paper.



National debt - The net accumulation of federal budget deficits.

National income - The amount of aggregate income earned by suppliers of resources employed to produce GNP; net national product plus government subsidies minus indirect business taxes.

Natural resources - "Gifts of nature" that are used to produce goods and services. They include land, trees, fish, petroleum and mineral deposits, the fertility of soil, climatic conditions for growing crops, and so on.

Non-durables - Consumer goods expected to last less than three years.

Non-price determinants of supply - The factors that influence the amount a producer will supply of a product at each possible price. The non-price determinants of supply are the factors that can change the entire supply schedule and curve.

Normal profit - The minimum payment an entrepreneur expects to receive to induce the entrepreneur to perform entrepreneurial functions.

Normative economics - Normative economics considers "what ought to be"--value judgments, or goals, of public policy. Positive economics, by contrast, is the analysis of facts and behavior in an economy, or "the way things are."



Opportunity cost - The next best alternative that must be given up when a choice is made.



Physical capital - Manufactured items used to produce goods and services.

Price - The money value of a unit of a good, service, or resource

Prices - The amounts that people pay for units of particular goods or services.

Private goods - A commodity that benefits the individual. An example is bread, which, if consumed by one person, cannot be consumed by another person. (See public goods.)

Producers - People who use resources to make goods and services (also called workers).

Production - The making of goods available for use; total output especially of a commodity or industry.

Productive resources - All natural resources (land), human resources (labor), and human-made resources (capital) used in the production of goods and services.

Productivity - The ratio of output (goods and services) produced per unit of input (productive resources) over some period of time.

Profit - The difference between total revenues and the full costs involved in producing or selling a good or service; it is a return for risk taking.

Property tax - Taxes paid by households and businesses on land and buildings.

Public goods - A commodity whose benefits are indivisibly spread among the entire community, whether or not particular individuals desire to consume the public good. For example, a public-health measure that eradicates smallpox protects all, not just those paying for the vaccinations. These goods are often provided by the government. To be contrasted with private goods.



Quantity demanded - The amount of a product consumers will purchase at a specific price.

Quota - A legal limit on the quantity of a particular product that can be imported or exported.

Quantity supplied - The amount of a product producers will produce and sell at a specific price.



Resources - All natural, human, and human-made aids to production of goods and services (also called productive resources).

Revenue - Payments received by businesses from selling goods and services.



Sales tax - Taxes paid on the goods and services people buy.

Save - Set aside earnings (income) for a future use.

Saving - Occurs when individuals, businesses, and the economy as a whole do not consume all of current income (or output).

Scarcity - The condition that results from the imbalance between relatively unlimited wants and the relatively limited resources available for satisfying those wants.

Services - Activities that can satisfy people's wants.

Shortage - The situation resulting when the quantity demanded exceeds the quantity supplied of a good or service, usually because the price is for some reason below the equilibrium price in the market.

Specialists - People who produce a narrower range of goods and services than they consume (also called specialized workers).

Specialization - The situation in which people produce a narrower range of goods and services than they consume.

Spend - Use earnings (income) to buy goods and services.

Standard of living - A minimum of necessities, comforts, or luxuries held essential to maintaining a person or group in customary or proper status or circumstances.

Standard of value - One of the functions of money whereby the value of goods and services is expressed in money terms (prices).

Stock - A certificate reflecting ownership of a corporation.

Store of value - One of the functions of money allowing people to save current purchasing power to buy goods and services in a future time period.

Substitutes - Products that can replace one another such as butter and margarine.

Supply - A schedule of how much producers are willing and able to sell at all possible prices during some time period.

Supply decrease - A decrease in the quantity supplied at every price; a shift to the left of the supply curve.

Supply increase - An increase in the quantity supplied at every price; a shift to the right of the supply curve.

Surplus - The situation resulting when the quantity supplied exceeds the quantity demanded of a good or service, usually because the price is for some reason below the equilibrium price in the market.



Tariff - A tax on an imported good.

Taxes - Required payments of money made to governments by households and business firms.

Total cost - Cost of resources used in producing a product multiplied by the quantity produced.

Total revenue - Selling price of a product multiplied by the quantity demanded.

Trade - See Exchange.

Trade agreement - An international agreement on conditions of trade in goods and services.

Trade-off - Giving up some of one thing to get some of another thing.

Traditional economy - A mode of economic organization which borrows economic decisions made at an earlier time or by an earlier generation



Unemployment - The situation in which people are willing and able to work at current wage rates, but do not have jobs.



Wages - The payment resource earners receive for their labor.

Work - Employment of people in jobs to make goods or services.

Workers - See Producers.

1. ‘Everyone is a change maker’ is written by
(A) Bill Clinton (B) Bill Gate,
(C) Bill Drayton (D) Bill Bradson
2. What is the most important social component in Social Entrepreneurship?
(A) Social work (B) Social Movement;
(C) Social value (D) Social Change.
3. The term ‘Entrepreneurship’ is introduced by
(A) Jean Baptist Say (B) Schumpeter
(C) J. Gregory Dees (D) Milton Keynes
4. “The entrepreneur shifts economic resources out o f an area of lower and into an area
of higher productivity and greater yield.” Who says it?
(A) Karl Marx (B) Jean Baptist Say
(C) Schumpeter (D) Amartya Sen
5. Social Enterprises are
(A) NGOs (B) For Profit Organisations
(C) Not-For Profit Organisations (D) having no unique legal structure.
6. Attribute is
(A) a variate (B) a qualitative variable
(C) a quantitative variable (D) None of the above


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