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Business Administration Principles And Techniques

BUSINESS ADMINISTRATION originally come from nature but when a bricklayer cuts clay into definite sizes, dries and burns them, a change of form takes place which makes them useful for house building. Similarly, the making of shoes from ram hides, of garments from cotton, of bread from flour are examples of form utilities. A thing may also become suitable for consumption if it is just transfer- red from one place to another without any physical transfor- mation.

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Mrityunjoy Banerjee

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Vaṇika nirvākak kōṭpāṭukaḷ maṟṟum nuṭpaṅkaḷ


Asia Publishing House

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ETYMOLOGICALLY the term ‘business’ means the state of being busy and is, therefore, identified with anything that one can be busy about. In the relatively restricted field of economics, however, business may be defined as any activity which leads to the creation of utilities, meaning the production of goods and services to satisfy human wants. The clue is given by Alfred Marshall’s definition of economics in the opening lines of his classic work Principles of Economics: “Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being.” If one may go back farther, the Greek word ‘oikonomike’, from which is derived the term ‘economy’. signifies prudent and systematic household management (oikos the sum of one’s possession; nomos management .


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