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Important notes

Coming again with Economics live on YouTube , applicable to all boards . Students interested should join quite interesting and informative.

We are now online also organising webinars and coaching for the students . Shall keep all updated and share the links here to login and check out your concepts and understanding. This is applicable to all boards.

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Hi and sweet hello to all my dearest and nearest students
Some fast track questions to re revise Unit 1. Keep watching for daily updates
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Some important one-line sentence questions and answers of Unit 1 OC std 12th.

Answer in one sentence:

(1) How does business create employment for society?
Ans. Business creates employment by providing various
goods and services.

(2) How does management avoid wastage of resources?
Ans. Management makes optimum utilization of resources
and avoiding wastage.

(3) Why does management make research and decide
strategy?
Ans. For the constant growth of the business.

(4) Why management is important in developing countries?
Ans. Untapped resources are utilized and management gives
momentum to the economy.

(5) Give two examples of resources that are utilized at their
maximum level by the management through planning.
Ans. Raw material and machinery are the resources.

(6) Management is an art. How?
Ans.Because Art is a method to put science into practice.

(7) Why do various areas of management increase?
Ans. For the object of profitability and productivity.

(8) What management does for the constant growth of the
business ?
Ans. Management does research and decides the strategy for
the constant growth of the business.

(9) State the fundamental of management?
Ans.Planning, organizing, staffing and controlling are
fundamental.

(10) State the names of two institutions that give management
education?
Ans.IIM and school of Management

(11) What does management include ? or Which matters are
mainly included in management?
Ans. Defining objectives, planning, organizing, staffing,
controlling is mainly included.

(12) What is defining objectives?
Ans. Deciding objectives to achieve is called defining
objectives.

(13) What is organizing?
Ans. Organizing is a structure to implement the decisions
taken at the planning stage.

(14) What is controlling?
Ans. To see whether all the activities are in conformity with
the plan.

(15) Define Management.
Ans. Management is to be with the people and to get things
done.

(16) State any two points showing the importance of
Management.
Ans. (i) Optimum utilization of resources (ii) accomplishment
of objectives.

(17) Which are the functional areas developed by
Management?
Ans. Management develops social, economic, political areas
and values.

(18) Who gets the benefits of the Management process?
Ans. Benefits available to the individual, groups, companies,
and society.

(19) What is Science?
Ans. Science is specialized knowledge based on certain
principles.

(20) What is Art?
Ans. Art is putting the science (Principles) easily into practice.

(21) What is the profession?
Ans. An activity where specialized knowledge is used after
getting training and experience.

(22) Give two examples of professional persons?
Ans. Doctors, Advocates.

(23) In India which institute works for the development of the
management profession at the National and
International levels?
Ans. Indian Institute of Management. (IIM)

(24) Give the full form of 'IIM.'
Ans. The full form is the "Indian Institute of Management."

The question therefore is :

What is management or Give a brief introduction to Management and explain what does management includes in detail? ( 2 marks )