Definition: Non-Profit Organization, as the name signifies a type of organization that does not operate with the purpose of making a profit, rather, it works for a social cause. NPOs are legally and voluntarily registered entities, run by a group of people with a service motive, so as to promote the general welfare of the public. The money earned in the form of revenues or … [Read more...] about Non-Profit Organization
Business
Index Number
Definition: Index Number is a statistical tool that gauges the changes in the degree of a variable or group of related variables over a specified period of time, or over two different situations. Index numbers are applicable to the values of economic time series. It reflects the general relative change that is primarily used by economists to present economic data time series … [Read more...] about Index Number
Gig Economy
Definition: Gig Economy is a group of the market that connects service providers to consumers on a gig, i.e. per job/task basis. It implies a labour market wherein numerous individuals are employed on a part-time basis or where freelance work persists, instead of conventional full-time work. Even organizations look for independent contractors, on-call workers and freelancers to … [Read more...] about Gig Economy
Statistics
Definition: Statistics can be defined as a part of applied mathematics that is concerned with the collection, classification, interpretation, analysis or the numerical and categorical data and facts, and drawing conclusions, so as to present the same in a systematic manner. It involves a wide variety of methods which facilitates data analysis, for decision making … [Read more...] about Statistics
Small Scale Industries (SSI)
Definition: Small Scale Industry (SSI) refers to an industrial undertaking whose investment in fixed assets, i.e. plant and machinery, is not less than ₹ 1 crore, be it is owned, leased, or hire purchased. Nevertheless, considering the needs of small-scale industries which are dependent on export promotion and modernization, the maximum investment in fixed asset is ₹ 5 … [Read more...] about Small Scale Industries (SSI)
Barter System
Definition: The barter system is a system of exchange, which was prevalent in the world centuries ago, before the introduction of the monetary system. In this arrangement, goods and services are traded for goods and services. This means that the parties exchange each other's commodity directly without any mediation of money on the basis of equivalent estimates of price and … [Read more...] about Barter System
Goods and Services Tax (GST)
Definition: Goods and Services Tax (GST) is based on the phenomenon of 'one nation, one tax'. It is a single tax that is levied on the supply of goods and services. Also, for the imposition of taxes, no difference is made between goods and services. Further, it has been implemented to subsume various indirect taxes, on which tax is levied at different rates, by Central and … [Read more...] about Goods and Services Tax (GST)
Industrial Sickness
Definition: Industrial Sickness, as the name suggests is the state of industrial weakness or illness, i.e. the company fails to earn a reasonable profit. It is the continuous disproportion in the debt-equity ratio and falsification of the financial status of the industrial unit. Industrial Sickness represents a stage wherein the firm is not in a position to generate a … [Read more...] about Industrial Sickness
Family Business
Definition: Family business, as the name suggests, is the business which is actively owned, operated and managed by two or more members of the single-family. Here, members may be related by blood, marriage or adoption. Basically, in a family business: Single-family owns majority percentage of ownership Possess voting control, Has power over strategic decisions, … [Read more...] about Family Business
Social Entrepreneurship
Definition: Social Entrepreneurship refers to a process of doing business with an aim of resolving the most serious and daunting, social, cultural and environmental issues and improve the lifestyle of the people living the community. It is an initiative by the individuals or companies, in which they set up, fund and come up with solutions to these problems. For this purpose, … [Read more...] about Social Entrepreneurship