DECISION MAKING

Decision Making is the thinking within one's own mind upon a course of action and coming to a conclusion. It pervades all organizational structure because  it cuts  across everything manager has to do in the organization.

Decision Making is a way towards problem solving and it must be said that decision comes in where there are alternatives from choice of decision must be made. However, there must be a situational incident before decision could be thought of.

PERSONNEL MANAGEMENT

Personnel Management is the function that is concerned with developing and utilizing the manpower resources of a business to an optimum extent in achieving the objectives of the business. It is concerned with people at work and their relationship within an enterprise.

MARKETING MIX

Marketing Mix is a particular blend of controllable marketing variables that a firm uses to realize/obtain its objectives in the target market.The elements or variables of the marketing mix are commonly referred to as the 4Ps which include Product, Price, Place and Promotion.It must be stressed that all marketing activities revolves around them and they are mutually dependent and they are never in isolation.

CORRUPTION

CORRUPTION is a dishonest, untruthful or decptive behaviour in which someone uses power in order to get an advantage for himself.

TYPES OF CORRUPTION

1) BRIBERY: is dishonestly giving money to someone in order to persuade hime or her to do something that will help the person who has given the money dishonestly.

GROUP

A GROUP is a number of individuals who interact recurrently according to come pattern of social organization.
A GROUP in social psychological sense is a plurality of persons who interact with one another in a given context more than they interact with anyone else.

TYPES OF GROUP
PRIMARY GROUP: It is the nursery of human nature, human personality is formed here. The roles played by primary group in the process of socialization are enormous. Through the, people learn the 'whys' and 'wherefores' of social things.
In primary group, there is no reward system i.e. Mothers, fathers and children who are members of this group do not get promotions and medals for good performance.

ERICKSON THEORY OF CHILD DEVELOPMENT

According to this theory of personality, the human development is discontinuous preceeding through series of stages.
a) Infancy: from birth to 18 months
b) Early Childhood: from 18months to 3 years
c) Play Age/Preschooler: from 3 years to 5 years
d)School Age: from 7 years to 12 years
e) Adolescent: from 12 years to 18 years
f) Young Adulthood: from 18 years to 20 years
g) Adulthood: from 20 years to 35 years
h) Mature Age: from 60 years and above

BASIC ECONOMICS TERM 1

INDIVIDUAL DEMAND: is the demand of one individual or firm. It represents the quantity of a good that a single consumer would buy at a specific price at a specific point in time.
MARKET DEMAND: provides the total quantity demanded by all consumers. In other words, it represents the aggregate of all two basic types of market demand i.e. Primary (total demand for all the brands that represent a given product or service) and Selective (the demand for one particular brand of product or service)

DIFFERENCES BETWEEN CHANGE IN DEMAND AND CHANGE IN QUANTITY DEMANDED

CHANGE IN DEMAND A change in demand is a change in quantity a consumer is demanding which does not necessarily come about by changing price. This means that the quantity change without a price change. This change in demand is due to other factors that affect demand other than price of the commodity.

FACTORS OF PRODUCTION

Factors of Production is that good or service which is required for production.
A Factor of Production is indispensable for production because without it, no production is possible.
LAND: refers not only to the surface of land but to all gifts of nature such as rivers, oceans, climate, e.t.c.
LABOUR: refers to all mental and pgysical work undertaken for some monetary rewards. It is essential for production.
CAPITAL: means all man-made resources. It comprises all wealth other than land which is used for further production of wealth.
ORGANISATION: refers to the services of an entrepreneur who controls, organises and manages the policy of a firm, innovates and undertakes all risks.

FACTORS OF PRODUCTION

Factors of Production is that good or service which is required for production.
A Factor of Production is indispensable for production because without it, no production is possible.
LAND: refers not only to the surface of land but to all gifts of nature such as rivers, oceans, climate, e.t.c.
LABOUR: refers to all mental and pgysical work undertaken for some monetary rewards. It is essential for production.
CAPITAL: means all man-made resources. It comprises all wealth other than land which is used for further production of wealth.
ORGANISATION: refers to the services of an entrepreneur who controls, organises and manages the policy of a firm, innovates and undertakes all risks.

DIFFERENCE BETWEEN CHANGE IN SUPPLY AND CHANGE IN QUANTITY SUPPLIED

CHANGE IN SUPPLY A change in supply is a change in quantity a producer is able to offer for market due to changes in other factors that affect supply other than a change in price of the commodity. This means that the quantity change without a price change.
CHARACTERISTICS
¤ A change in supply is caused by factors that affect supply except price e.g. Cost of production, war e.t.c
¤ A change in supply is express as a shift from one supply curve to another.
¤ A change in supply does not neccessarily obey the law of supply.
¤ A change in supply is a complete behavioural change in the supplier towards the commodity even when the price did not change.
CHANGE IN QUANTITY SUPPLIED
A change in quantity supplied is the change in the amount that is supplied of a commodity by a producer in the market due to a change in the price of the commodity.
CHARACTERISTICS
¤ A change in quantity supplied is caused by a change in price alone.
¤ A change in quantity supplied is express as a shift on a single supply curve.
¤ A change in quantity supplied obey the law of supply.
¤ A change in quantity supplied does not indicate a behavioural change in the consumer rather only a reaction to a change in price in the market.