Q1: What is Contract?
1: Agreement enforceable by law 2: Made between two or more parties 3: Must have offer and acceptance 4: For lawful consideration 5: Creates legal obligations
Q4: Economic Environment
1: Deals with economic factors 2: Includes GDP, inflation, interest rates 3: Affects purchasing power 4: Impacts demand and supply 5: Influences investment decisions
Q3: Importance of Business Environment
1: Helps in planning and decision making 2: Identifies opportunities and threats 3: Enables adaptation to change 4: Improves performance 5: Helps in strategy formulation
Q2: Components of Business Environment
1: Economic environment 2: Political environment 3: Social environment 4: Technological environment 5: Legal environment
Q1: What is Business Environment?
1: Sum of all external and internal forces affecting business 2: Includes economic, social, political and legal factors 3: Keeps changing continuously 4: Affects business decisions 5: Both opportunities and threats are present
Q5: What is Organizational Culture?
1: Shared values and beliefs in organization 2: Shapes employee behavior 3: Created by founders and leaders 4: Can be strong or weak 5: Affects performance and retention
Q4: What is Group Dynamics?
1: Forces operating within a group 2: Includes roles, norms and cohesion 3: Affects group performance 4: Goes through forming, storming, norming stages 5: Important for teamwork
Q3: What is Leadership?
1: Ability to influence and guide people 2: Sets vision and direction 3: Types: autocratic, democratic, laissez-faire 4: Different from management 5: Builds team trust and morale
Q2: What is Motivation?
Short 5: 1: Internal drive to achieve goals 2: Increases employee performance 3: Can be intrinsic or extrinsic 4: Theories include Maslow and Herzberg 5: Important for job satisfaction
Q1: What is Organizational Behavior?
1: Study of human behavior in organizations 2: Focuses on individuals, groups and structure 3: Aims to improve productivity and satisfaction 4: Uses psychology, sociology and management concepts 5: Helps in understanding workplace dynamics