Definition: Commerce refers to the well organized set up of large-scale interchange of products, service or something of value, for money or money's worth, among the economic agents. It covers all the activities which directly or indirectly assist in the process of exchange. Basically, it is concerned with the distribution aspect of the business. It relies on the fact that … [Read more...] about Commerce
Corporate Social Responsibility
Definition: Corporate Social Responsibility, or otherwise called as CSR is an on-going commitment of the organization to act in an ethical manner and make a contribution in the country's economic development, while bettering the standard of living of the employees and their families, along with the society and public at large. It refers to the accountability of the … [Read more...] about Corporate Social Responsibility
Organizational Behaviour
Definition: The term "organizational behaviour" can be defined as the scientific study and practical application of knowledge concerning the way in which individuals and groups of individuals, act and behave within an organization, in which they work. The study also includes the interaction between members of the organization and the external environment. Further, the … [Read more...] about Organizational Behaviour
Group Dynamics
Definition: Group Dynamics can be understood as a process, wherein the attitude and behaviour of a member influence the behaviour of another or other members of the group, either by choice or circumstances. Factors such as individual personality, cultural traditions and social situations, often affect the group dynamics. It has the ability to change each member's conduct, … [Read more...] about Group Dynamics
Organizational Culture
Definition: Organizational culture, as the name suggests is the culture inherent in the organization, which determines its internal atmosphere and the overall personality. It refers to a pattern of accepted and learned behaviour, which are mutually shared and are taught to the new joiners as to how to perceive, think and behave in the organization. Moreover, it develops a … [Read more...] about Organizational Culture
Consignment
Definition: Consignment implies a trading arrangement, wherein one party transfers goods to another party without immediate payment, who agrees for selling them on behalf and at the risk of the former, as per the instructions, to the customers, for a commission as a percentage of revenue from the sale proceeds. Consignment is opted when the owner of the goods does not have … [Read more...] about Consignment
Macro Environment
Definition: Macro Environment can be described as the collection of those factors and conditions, which has the capability of influencing the business positively or negatively. Macro Environment is the type of external business environment in which the firm and its micro-environmental forces exist which gives opportunities or pose threats to the firm. It comprises of the … [Read more...] about Macro Environment
Micro Environment
Definition: Micro Environment, refers to the environment comprising of all the actors of an organization's immediate environment which influences the performance of the company, as they have a direct bearing on the firm's regular business operations. The micro environment is popularly referred to as task environment or operating environment. Elements of Micro … [Read more...] about Micro Environment
Fraud
Definition: In general, fraud refers to wrongful deception committed intentionally, by using unfair means such as trick or lying, in an attempt to secure a financial gain or to unlawfully deprive the other party of the money, property or legal rights. In contract law, fraud is one of the elements which vitiates free consent of the parties. Fraud implies a false statement of … [Read more...] about Fraud
Undue Influence
Definition: Undue Influence can be described as the practice of affecting the will of the other person by the use of the relation existing amidst the parties. Further, to employ undue influence one party has to be dominant and the other being weaker, so as to use the position to get an unfair benefit over the other. Undue Influence is covered under Section 16 of the Indian … [Read more...] about Undue Influence