Business Studies

Nature & Significance

Easy

Performing activities correctly and at a minimum cost is called:

Efficiency

Effectiveness

Scarcity

Quality

✅ Correct Option: 1

Option 1 -> Efficiency refers to performing tasks correctly while minimizing resource use and costs - doing things right with minimal waste.

Option 2 -> Effectiveness refers to achieving the desired goals and objectives - doing the right things, regardless of cost or resources consumed.

Option 3 -> Scarcity refers to the limited availability of resources relative to unlimited wants and needs - an economic concept, not a performance measure.

Option 4 -> Quality refers to the standard or degree of excellence of a product or service - meeting specifications and customer expectations.

Hence, Option 1: Efficiency -> Efficiency is specifically defined as performing activities correctly (doing things right) while using minimum resources or cost. It focuses on the input-output ratio and resource optimization, which directly matches the definition provided in the question -> correct

2025: 15 May Shift 2

Name the Function of Management that initiates Action in the Organisation.

2026: 24 May Shift 1

"There are various theories of management, as propounded by many thinkers, which prescribe certain universal principles. Management applies these methods to a given situation in his own unique manner".

The nature of management highlighted in the above is:

2026: 13 May Shift 1

"We know that all music is based on seven basic notes. However, what makes the composition of a musician unique or different is his use of these notes in a creative manner that is entirely his own interpretation." Identify the nature of management:

2022: 17 Aug Shift 1

X Ltd. has been in steel industry for past 10 years. As per recent survey by a leading financial magazine, it was highlighted that the company's capital investment has increased by 50%, there is increase in sales volume and number of employees as well.

Identify the objective of management achieved by X Ltd.

2025: 13 May Shift 1

Which of the following statement is true regarding the nature of Management?

2025: 24 May Shift 1

Which among the options given below is NOT a feature of management as a profession?

Performing activities correctly and at a minimum cost is called:

Solution

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