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Basic Economic Terms list with explanation. Alphabets - M

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What is Management?
The process of planning, organizing,leading, and controlling the work of members of an organization and of using all available organizational resources to reach stated organizational goals.

What is Manpower?
In ordinary language, manpower means the working population of a country. In economics, manpower means the organisation of work force for its utilization in different sectors of the economy.

What is Market?
A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want. In non-marketing terms the function of a market is to enable an exchange of goods or services to take place, a means by which buyers and sellers are brought into contact with one another.

What is Marketing?
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.

What is Market Economy?
Means an economy in which crucial economic decisions and choices are made in a decentralized manner by private individuals and firms operating through a free price-and-market mechanism. Equilibrium of prices and quantities are determined in a market economy through the laws of supply and demand.

What is Market Forces?
Refers to pressures by the free play of market supply and demand, which induce adjustment in prices and / or quantities traded.

What is Market Price?
Means the price determined by the equilibrium between demand and supply in a market period (or very short period).

What is Matched Order?
Its purpose is to create an impression in the market that a security is very active. For this purpose, two sets of brokers are employed - one for buying and the other for selling at prices determined in advance by the speculator.

What is Matrix Structure?
An organizational structure in which each employee reports to both a functional or division manager and to a project group manager.

What is Maturity?
Means the date on which a loan or bond or debenture becomes due and is to be paid off i.e., the capital refunded.

What is Merger?
Means a union of two or more firms in a transaction by which one absorbs the other(s), or a new firm gets created utilising the assets of the absorbed firms.

What is Mortgage?
Refers to the conveyance of property by a debtor (mortgager) to a creditor (mortgagee) as security for a debt, with a condition that the property will have to be reconveyed on payment of the debt.

What is MNC (Multi National Corporation)?
A company is called a MNC, which the company expand its operation to more than one country with a headquarters in only once country.

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