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Utility Theory and Attitude toward Risk (Explained With …

WebE (U) = 0.5 U (0) + 0.5 U (30,000) = 0 + 0.5 x 75 = 37.5. Now the expected utility from the new risky job is less than the utility of 55 from the present job with an assured income of …

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Labour Welfare: Meaning, Evolution, Scope, Concept and …

Web1. Holistic Concept of Labour Welfare: The “holistic” concept of labour welfare can be described as the achievement of desirable state of existence involving physical, mental, …

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Social Security: Meaning, Definition, Concept and Measures

WebSocial security is defined as the security that the society furnishes through appropriate organizations against certain risks to which its members are exposed. In the historical …

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Human Development: Meaning, Objectives and …

WebThe first UNDP Human Development Report published in 1990 stated that: “The basic objective of development is to create an enabling environment for people to enjoy long, …

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Functions of Personnel Management: Managerial, …

WebFunction # 1. Managerial: “Management is a multi-purpose organ which has three jobs, two of which are directly related to personnel managing a business- ‘managing managers’ …

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Personality: Introduction, Meaning, Concept, …

WebPersonality reveals distinctive traits of mind and behaviour of a person. It is a pattern of collective character which includes behavioural, mental, temperamental, and emotional …

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Human Development Index (HDI): Indicators & Shortcomings

WebHuman development index is a composite measure of three aspects of good life and well-being. Three questions were raised regarding what people want in order to have a good …

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Public Expenditure: Causes, Principles and Importance

WebMeaning of Public Expenditure: Expenses incurred by the public authorities—central, state and local self- governments—are called public expenditure. Such expenditures are made …

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6 Important Factors That Influence the Demand of Goods

WebThe following factors determine market demand for a commodity. 1. Tastes and Preferences of the Consumers: An important factor which determines the demand for a good is the …

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Types of Financial Decisions in Financial Management

WebEverything you need to know about the types of financial decisions taken by a company. The key aspects of financial decision-making relate to financing, investment, dividends and …

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Human Resource Planning: Definition, Importance, Objectives, …

WebIn this definition, human resource means skill, knowledge, values, ability, commitment, motivation, etc., in addition to the number/of employees. Human resource planning …

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Importance of Pricing: 7 Importance of Pricing in Marketing

WebImportance of Pricing – Economy, Determinant of Profit, Beating Competition, Demand Regulator, Crucial Decision Input, Important Part of Sales Promotion and a Few Others. …

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Population Growth and Economic Development

WebPopulation growth helps the process of development in certain ways and hampers it in certain other ways. This is so because the relationship between population growth and …

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Compensation: Introduction, Concept, Objectives, Types and …

WebConcept of Compensation: Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. It is a tool used by management for …

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Fringe Benefits in HRM: Meaning, Objectives, Importance and Types

WebFringe benefits are supplementary compensation made in addition to wages, the object being to stimulate the interest of the workers and to make the job more attractive and …

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8 Main Limitations of Statistics – Explained!

Web1. Qualitative Aspect Ignored: The statistical methods don’t study the nature of phenomenon which cannot be expressed in quantitative terms. Such phenomena cannot be a part of …

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Human Capital Formation: Meaning, Importance and Composition

WebAccording to Harbison, the human capital formation indicates, “the process of acquiring and increasing the number of persons who have the skills, education and experience which …

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Progress of Health Services in India after Independence

WebHospital beds per ten thousand population has increased from 3.2 to 9.3. (1950-51 to 1999-2000). No. of hospitals and dispensaries has increased by more than 7 times. The …

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The Circular Flow of Economic Activity

WebThe Circular Flow in a Two-Sector Economy: In a simplified economy with only two types of economic agents, households or consumers and business firms, the circular flow of …

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