Define Operating System and explain how it acts as a Resource Manager.

 Q. Define Operating System and explain how it acts as a Resource Manager. 

Ans. Operating System: An operating system is an integrated set of specialised programs that are used to manage overall resources and operations of the computer. It is a specialised software that controls and monitors the execution of all the programs that reside in the computer. It is the interface between user and the computer.

A simple way of defining the operating system can be:

An operating system is a program that acts as an interface between the user and the computer hardware and controls and manages the overall resources of computer system.

O.S. as a Resource Manager in following ways:

1. Memory (Storage) Management 

(a) It keeps track of primary memory i.e. what part of it are im use by whom, what part are not in use etc.

(b) In multiprogramming it decides which process will get memory when and how much.

(c) Allocates the memory when the process or program request it to do so.

(d) Declaims (deallocate) the memory when the process no longer needs it or has been terminated. 

2. Processor Management

(a) Keep track of the processor and status of process.

(b) In multiprogramming it decides which process gets the processor & how much time. This function is called process scheduling.

(c) Allocate the processor (CPU) to a process.

(d) Deallocate processor when processor is no longer required.

3. Device Management 

(a) Keeps track of all devices.

(b) Decides which process gets the device when & for how much time.

(c) Allocate the device in the efficient way.

(d) Deallocate devices.

4. File Management 

(a) It keeps track of information, its location, uses, status etc. This collective facilities are often known as file system.

(b) Decides who get the resources.

(c) Allocates the resources.

(d) Deallocates the resources.

5. Security 

By means of passwords & similar techniques, preventing unauthorized access to programs & data.

6. Control over system performance 

Recording delays between request for a service & response from the system.

7. Job accounting

Keeping track of time & resources used by various jobs and/or users.

8. Interaction with the operators

The interaction takes place via the console of the computer in the form of the instructions from the operator acknowledging the same, action thereon, as well as informing the operation by means of a display screen of works & problem encountered.

9. Error -detecting aids

Production of dumps, traces, error messages and other debugging and error-detecting aids.

10. Coordination between other softwares and users

Coordination and assignment of compilers, interpretiers, assemblers and other software to the various users of the computer systems.

Is economics a science or an art.

 Q. Explain whether Economics is a science or art or both.

Ans. Economics is a discipline that has debated either a science or an art or combination of both. Whether Economics is a science or art or both can be concluded by studying the characteristics of science and an art separately. 

Is Economics a Science?: In order to find out whether Economics is a science or not, it is necessary to know:

(i) What is a Science?

(ii) What are the features of Science?

(i) What is Science? The term ‘Science’ has its origin in term ‘Scientia’ of Latin language. It means ‘to know’. Science is a systematic body of knowledge concerning the relationship between causes and effects of a particular phenomenon. In science, we must collect, classify and analyse the facts systematically. In Economics also one collects, classifies and analyses economic facts systematically.

(ii) Features of Science: A detailed study of features of Science will testify that Economics is a science.

(1) Collection of Facts: In science, initially, facts concerning a subject are collected. In Economics also facts relating to economic activities are collected. For example, an economist observes that when price rises, ordinarily demand contracts. Similarly, when a consumer buys more of a commodity then the utility of that commodity diminishes. In this way, an economist collects facts relating to economic activities.

(2) Measurement: In science, efforts are made to measure the facts. To do so, facts are classified and properly presented. In Economics also facts are measured. An economist will try to measure as to how much demand has contracted due to rise in the price. If there is unemployment in the country, what is the number of unemployed? What is the rate at which the national income of the country is growing? In the measurement of these facts an economist seeks help of mathematics, statistics and econometrics. The facts which are collected in written form are called data.

(3) Explanation: After collecting and measuring the facts, the same are sought to be explained. In other words, the same are put to systematic study. By establishing a relationship between cause and effect of a fact, economic laws are framed. For example, on the basis of study of mutual relationship between change in price and consequent change in demand, law of demand is formulated.

(4) Verification or Validity of the Laws: The final feature of science is to verify the validity of scientific laws by applying the same to real life situation. In other words, whether the same conforms to the facts or not. Every science seeks to verify the validity of its laws. This verification can be done in two ways: (i) If a law is based on real assumptions, it is considered valid. (u) If the prediction based on any law comes true, then also it is taken as valid. Experiments are also conducted in this respect. Validity of economic laws is also subject to verification. For instance, many laws of Economics like, law of diminishing returns, law of diminishing marginal utility, etc. are treated as valid because the same apply to real life situations.

It is evident from the above discussion that Economics is a science. However, some scholars do not consider Economics as a science because laws of Economics are not as exact and universal as the laws of physics and chemistry are. In fact their disagreement is not justified. According to Seligman, there are two broad branches of science: (i) Social science, and (ii) Natural science. Economics is a social science as it deals with human beings, whereas physics and chemistry etc, are natural sciences as they deal with lifeless matter.

(1) Arguments in favour of Economics being a Social Science.

Following arguments may be advanced in favour of Economics being a Social science:

(i) Systematic Study: Social Science refers to that science which studies man as a member of the society. It studies those activities of such social men that are concerned with wealth. In other words, it studies mutually dependent activities regarding consumption, production, exchange, etc. of wealth. Facts relating to economic activities are collected, classified and measured. 

(2) Scientific Laws: Laws of Economics like law of demand, law of supply etc. are scientific laws. These laws establish cause and effect relationship between economic phenomenon. Law of demand states that with an increase in the price of a commodity, say Rasgullahs, its demand will contract. In this way, the law establishes relationship between change in price (that is cause) and the resultant change in demand (that is effect).

(3) Validity of Laws: Every science verifies validity of laws. If a law of is based on realistic assumptions or its predictions come true, then it will be treated as valid. Many laws of Economics like law of diminishing returns, law of diminishing marginal utility, being based on real experiences of life, are treated as valid.

It is evident from the above account that Economics is a social science. It makes a systematic study of the economic activities of the human beings on the basis of scientific laws. 

(2) Arguments against Economics being a Natural Science 

Those who believe that Economics is not a science, as a matter of fact, mean that Economics is not an exact science like that of a natural science. They put forward following arguments against Economics being a natural science.

(1) Difference among Economists: There are differences among economists with regard to most of the economic problems. On the contrary, there are very little differences among natural scientists with regard to their subject.

(2) Exact Lawsı Laws of natural science like law of gravitation of physics is an exact law in all respects. According to this law anything thrown up must come down because of gravitational pull. On the contrary, laws of Economics are not perfectly exact. For example, law of demand will be valid only if there is no change in the income, fashion, etc., of the consumer.

(3) Universal Laws: Laws of natural science are universally applicable. They hold good at all places and at all times. However, laws of Economics are not universal laws. They are not valid at all places and at all times. The same are subject to change.

(4) Verification of Truth: Natural scientists can verify the truth of the laws relating to their science in the laboratories by conducting experiments. On the basis of these laws correct predictions can be made to a large extent. But no laboratory exists to verify the correctness of economic laws. The only apparatus available with the economists to measure economic activities is money as a measuring-rod but even this measure is not exact. Value of money itself goes on changing, and so cannot serve as a dependable measure. Consequently, predictions made on the basis of economic laws prove wrong very often. It can, however, be said that compared to other social sciences, Economics is a more exact science because it possesses a measuring-rod in the form of money.

In short, it can be asserted that Economics is not a natural science but a social science.

Is Economics An Art? Whether Economics is an art or not, is yet another controversial subject among the economists. Some economists do not consider Economics to be an art. However, some are of the opinion that Economics is not only a science but also an art. 

Before taking any final decision in this regard, it is essential to know what is an art? Science is concerned with ‘knowing’ and art is concerned with ‘dong’. Art is the practical application of knowledge for achieving definitely ends.

As an art, Economics helps us in the solution of our practical problems. Its study enables us to know the best methods of achieving economic ends.

Arguments in favour of Economics being an Art.

Many economists consider Economics as an art on the following grounds:

(1) Solution of the Problem: Most of the problems of the world are economic problems. Economics can prove to be a more useful subject for the people if it can help in the solution of their economic problems. Study of Economics tells us how an economy can make efficient and optimum use of its scarce resources.

(2) Realistic Situation: Actual situation with regard to the study of Economics is that economists spend most of their time seeking solution to real economic problems like inflation, unemployment, depression, economic development etc. Economics is therefore an art. As an art Economics formulates policies designed to promote economic welfare of the people.

(3) Empirical Basis of Assumptions: (Empirical means based on direct observation or experience rather than just theory or ideas.) By dividing Economics into science and art, one can dispel doubts that arise in respect of the real nature of economic laws.

(4) Verification of Economic Theory: Study of Economics as an art facilitates verification of economic theories. It is through art that their validity can be verified. 

Arguments against Economics being an Art:

Following arguments are advanced against Economics being an art:

(1) Different nature of Science and Art: Science and art have different nature of their own. If Economics is a science then it cannot be an art. On the contrary, if it is taken as an art, it will have no claim on science.

(2) Nature of Economic Problems: Economic problems are not purely economic in nature. They are influenced by political, religious and social conditions also. It may not therefore be possible for the economists to tackle their problems purely on the basis of economic point of view.

(3) Uncertainty: If Economics is recognised as an art, then different economists will formulate different policies and suggest different solutions to different problems. Such solutions may be mutually contradictory. Consequently, an element of uncertainty will be imparted to Economics.

(4) Lack of Immediate Solution: Economics may not be made use of to seek immediate solution of economic problems. Its laws cannot be applied immediately to solve economic problems.

Conclusion: From the above analysis it can be well concluded that, Economics is both a science as well as an art. In the words of Cossa, “Science requires art, art requires science, each being complementary to each other.” Prof. Mehta, suggests that as a science it should be called ‘economics’ and as an art it should be christened as ‘economy’.

is economics science or art

“Business without efficient management is a house built on sand, which can fall at any time”. Explain this statement.

 Q. “Business without efficient management is a house built on sand, which can fall at any time”. Explain this statement. 

[Write meaning, characteristics and importance  of management]

Ans. This statement means that Just as a house built on sand lacks a strong foundation and collapses easily, a business without effective management lacks direction, coordination, and control, making it highly vulnerable. The following facts clarifies the statement. 

(1) Achieving Pre-determined Objectives: Each organisation is established with certain aim. Management is the only medium and power which can help in the successful attainment of these objectives. A manager with the help of his expertise and cleverness makes an assessment of future events. He makes plans, creates an organisation, distributes work, grants requisite authority, direct the employees and control them. 

(2) Ensuring Maximum Utilization of Resources of Production: Management is that power which by establishing an effective coordination between the various resources of production makes an optimum use of these resources. In every big enterprise a train-load of gold is provided. It can be achieved by making a better use of resources and putting an end to useless or meaningless expenses. It means that all the available resources of the organisation have been likened with gold but to profit from the available resources requires their proper utilization. It is, therefore, clear that the most efficient use of the limited resources is the key to the successful business. This fact can be converted into reality with the help of management.

(3) Overcoming Competition: These days business is not localised but it has assumed national or even intemational dimensions. Competition is increasing with the widening of area and larger dimension of business. A modern producer faces competition not only from a local producer or competition at the national level but international competition is also getting sharper. In such a competitive atmosphere only that organisation can survive which can make available to its customers the best quality of goods at the cheapest rates. Only an efficient and clever manager can make it a reality and save the reputation of an organisation.

(4) Ensuring Integration with Changing Environment: Management is not only limited to various internal functions of an organisation but it has to compromise with the outer atmosphere also. On the one hand technical experts are devising new ways of production and, while on the other hand progressive organisations are applying modern marketing techniques. Even customers do not easily accept the produced goods because they are now wide awake and their standard of living has also improved and their tastes have also undergone a change. Thus, only an efficient manager can coordinate his work with the fast changing atmosphere. With the help of efficient and effective management a coordination between the new and prevalent work system and methods can be established to save the reputation of an organisation.

(5) Ensuring Smooth Running of Large Scale Business: Keeping in view the profits of large scale production, Importance of management has started getting preference. In view of the large scale production the means of production (Men, Money, Material, Machine, etc.) will also be required on a large scale. Apart from this, business shall have to face various legal formalities. To perform these functions efficiently and in a controlled manner, the need of an efficient manager is paramount. Therefore, without an efficient manager smooth running of large scale business is not possible.

(6) Maintaining a Sound Organisational Structure: A sound organisational structure is needed for the success of any enterprise. A sound organisational structure means defining a clear relationship between the superiors and their subordinates. It has to be decided what work will be done by various persons and what rights and duties they enjoy. It will lead to the creation of a team spirit and keep the work atmosphere clean and healthy. All the superiors and subordinates will work without any tension. A sound organisational structure can be created by an efficient manager.

(7) Establishing Good Labour-Owner Relationship: Labour and capital are the two main resources of production. The owners invest capital and determine objectives while the labour tries to transform those objectives into reality. Therefore, existence of a sweet relationship between the two is of paramount importance. There was a time when there were no labour unions and the owners thought it fit to exploit the labour to the maximum possible extent. Now the labour unions exist and they are sufficiently organised to exert pressure on the owners to get their demands conceded. Industrialists too have realised their importance. It is clear to them that without the efficiency of labour more profits cannot be expected. The efficiency of labour can be increased only when their problems are effectively solved. This can be possible only through management. An efficient manager, with the help of his knowledge and experience, understands the feelings of labour and tries to remove their grievances. He makes arrangements for their training to increase their efficiency. He offers them an opportunity to be partners in the process of management. He also establishes a system of sharing the profits, establishing their individual identity and making timely efforts to solve their problems.

(8) Giving importance to Research and Investigation: A recent research has brought out the fact that only those companies or business enterprises which are constantly taking interest in research activities are developing fast. In the context of business, research and investigation mean finding out new products and new markets for the extension of business field, new methods of distribution and adopting the use of new techniques to solve financial problems and using new techniques in the field of communication, It is thus abundantly clear that research is needed to develop business at a rapid pace and this job can be accomplished by an efficient manager. Efficient managers invariably establish research and investigation department to achieve this important purpose.

(9) Fulfilling the Social Responsibility: A business establishment starts its activities in society. prospers and reaches the climax of development in the same social surroundings. Thus, no organisation can remain aloof from society and yet survive. That is why every enterprise is considered as an integral part of society. When an enterprise is so much indebted to society, it should also realise its responsibilities towards society. The social responsibilities of a business organisation include ensuring the safety of the capital and sufficient profit, proper remuneration and work conditions for the employees, making available to the consumers goods of good quality at the right time and proper prices, making available the opportunities of employment to the people and making efforts to raise their standard of living. An enterprise can ensure these expectations only through the medium of management. Thus, management has a special significance in the task of fulfiling the social responsibilities of business

(10) Aiming at Increased Profits: In order to increase the profits of any organisation it is the basic principle either to increase the sales revenue or reduce costs. Increasing the sales revenue is beyond the control of an organisation to some extent but to affect a reduction in costs is primarily an internal affair of the organisation and it can certainly be accomplished with the help of good quality raw material, modem machinery and trained employees. By reducing costs the profits of an organisation can be achieved by the management and future development can be expected.

In conclusion, it can be said that management is the life-breath of business and it will not be wrong to say, business without efficient management is a house built on sand, which can fall any time.

Importance of efficient management in business

Secret Reserves: Advantages and Disadvantages

 Q. What are Secret Reserves? Give their advantages and disadvantages. 

Ans. MEANING OF SECRET RESERVES: A Secret reserve is one which is not disclosed by the Balance Sheet. These reserves are created by showing profit at figure much lower than actual and by showing the assets at a lower figure and liabilities at a higher figure. When secret reserves exist, the actual position of the firm is much better than what is disclosed by the Balance Sheet.

Secret reserves may be created in the following ways:

(i) Writing off excessive depreciation;

(ii) Charging Capital expenditure (such as addition to assets) to Profit & Loss Account.

(iii) Treating a revenue receipt as a capital receipt (such as rent received credited to building account)

(iv) Undervaluation of assets (such as undervaluation of closing stock)

(v) Showing an actual asset as a contingent asset;

(vi) Showing a contingent liability as an actual liability;

(vii) Suppressing the sales;

(viii) Creating excessive or unnecessary provision for doubtful debts and other contingencies.

ADVANTAGES OF SECRET RESERVES: 

(i) Financial Stability: Creation of secret reserves strengthens the financial position of the enterprise without disclosing this fact to the shareholders or the public.

(ii) Helpful in Absorbing Unforeseen Losses: The presence of secret reserves enable such concerns to absorb any unexpected losses with any public discomfiture.

(iii) Regularity of dividends: Such reserves help the enterprise in maintaining the rate of dividend during the adverse trading conditions without disclosing this fact to shareholders or the public.

(iv) Avoidance of Competition: Because of concealment of actual profitability of the enterprise, the entry of the competing firms in the particular line of business is avoided.

DISADVANTAGES OF SECRET RESERVES:

(i) Unfair Presentation of Financial Statements: Statement of Profit & Loss fails to disclose true profit and the Balance Sheet fails to disclose a true and fair view of the financial position of the enterprise.

(ii) Loss to Shareholders: Shareholders who wish to sell their shares may not get actual price of their shares because of understatement of profits and financial position of the enterprise.

(iii) Misuse by Management: Fraudulent management may take undue advantage by creating secret reserves. Profits may be suppressed to enable them to buy the shares of the company at a lower price and then the profits may be enhanced by eliminating the secret reserves to enable them to sell the shares at a higher price.

(iv) Cover for Misdeeds of Management: Secret reserves may be utilised by management to cover their mistakes or misleads. 

The creation of secret reserves is not allowed under the Companies Act, 1956 as it requires a full disclosure of all material facts and significant accounting policies followed in preparing financial statements.

secret reserves: advantages and disadvantages

Celebrities makes a very good living out of media attention and have chosen to live in the public spotlight. They have no right to complain when they feel the media is intruding their privacy. To what extent do you agree or disagree?

Q. Celebrities makes a very good living out of media attention and have chosen to live in the public spotlight. They have no right to complain when they feel the media is intruding their privacy. To what extent do you agree or disagree?

Everything in life comes with a cost. It may not always be in terms of money but in the sense of struggle and hard work. A grand lifestyle, limelight, stardom, crazy fans could be the dream of many but it results in the absolute loss of privacy. Stars are under the constant eye of the media, spying every move they make and turning it into news. Some people feel that celebrities have no right to raise an objection on the media intruding their privacy. I do not agree to this and elaborate the same in my writing.

To embark on, there are umpteen reasons to support my disagreement. First of all, celebrities are also humans like others who have worked hard to reach a level of popularity and this does not give the media a right to invade their privacy. For example, recently a website posted some pictures of a Bollywood superstar, Shahrukh Khan’s daughter with her friend. I find that this was as natural a thing and did not require being hyped by the media because as all other teenagers, she too had a friend. Such meaningless and useless interference is not needed and also the media should be kind enough to spare certain aspects of life as personal and meant to become a public headline.

Furthermore, we live in a country where the rights for all citizens are equal and if others can complain against or speak for their grievances then why should the stars be an exception to it? Everyone has the right to choose any profession and wear or eat what they want but media should not make everything public because they are public figures. Besides, increasing the viewers for a channel or the sales of a newspaper or magazine by making the life of stars a public affair and making it for granted that they will at all times be happy to gain popularity no matter what the reason, is a wrong notion that the media should get rid of.

To conclude, I would like to say that stars have all rights to complain whenever and wherever they feel there is an encroachment in their personal life and the media should be sensible to realise and draw a line of demarcation between personal and public life.

POINTS TO REMEMBER:

Everything in life comes with struggle and hard work. // Stars have worked really hard to achieve fame. // They should have every right to complain if they feel that media invades their privacy. // Their family affairs, are not meant to be discussed in public. // Their hard work and effort should be paid in the form of popularity and fan following. // Privacy is an aspect that no individual can afford to lose and celebrities are no exception to it.

VOCABULARY:

Intruding: invading, attacking // Umpteen: several // Grievances: complaints // Popularity: publicity // Encroachment: intrusion

The best way to improve health is to exercise.

 Q. The best way to improve health is to exercise daily. To what extent do you agree or disagree to this statement?

A man’s most-prized possession is his health. It is rightly said, “Health is Wealth”. There is practically nothing one can do if one’s health does not permit. That is why, people are becoming increasingly conscious about their health and ways of improving it. It is believed that the best method to be healthy is to develop a regular workout routine. I agree with this statement and will shed light on my views in the following paragraphs.

There are several reasons why I believe that exercise is the best out of all methods to maintain a good health. The major reason to support my stand is that a regular fitness regime boosts our energy and strength and makes an individual feel fresh for long durations which increases productivity and efficiency. Another benefit of exercise is that it is a natural preventive measure of diseases like cardiovascular issues, metabolic syndrome, depression, certain types of cancer, arthritis etcetera. During workout, our body releases chemicals called endorphins which uplift our mood and make us feel happy and stress-free. Along with all the health benefits regular exercise also strengthens our confidence and self-respect.

Furthermore, it helps to control weight and as compared to dieting, it is a better option of losing those extra kilos. We do not need to indulge in extreme and relentless work out schedules. Simple routine of exercise can do wonders to keep us fit as a fiddle. Exercise helps to prevent memory loss and dementia. In addiction to this, research shows that engaging in daily exercise boosts our creativity and life span.

To conclude, I would like to say that exercise is the most appropriate choice to keep fit as it adds years to your life and life to your years. Therefore, everyone should opt a healthy routine of exercise to maintain a healthy body and mind.

POINTS TO REMEMBER:

Daily exercise is the best choice to be healthy.  // Health is wealth. // Advantages of regular exercise are reduced stress, more productivity, longer life, enhanced creativity. // Also, controlled weight, prevention of memory loss, improved confidence and self-esteem.

VOCABULARY: Regime: routine // dementia: madness // engaging: involving // prevented: controlled

RELATED QUESTION: In this modern era, due to sedentary lifestyle every individual must find time to exercise daily. What are the benefits of exercising regularly?

Shopping replacing other hobbies

 Q. In a very busy routine, shopping is replacing other hobbies. What are the reasons for this? Is it a positive or negative development? Give your views.

In the modern epoch of materialism and competition, shopping has become an unavoidable time passing activity for most people and consequently less attention is paid to other hobbies like painting, stamp collection etcetera. Now, people prefer to go shopping or just window shopping during free time. There are several reasons for such a trend and I believe, it is a positive as well as negative development. I will cast light on this in the following writing.

To begin, there are numerous factors due to which people choose shopping as a leisure time activity. The first reason can be the changing lifestyle of people. Unlike past, when people bought only the necessities, presently, people buy goods to show off and pamper themselves and they are tempted to do so by powerful advertisements. Also, in earlier times, life was simple but nowadays, people are more conscious socially and careful about the way they dress up due to which they frequently need to shop clothes, etcetera to fit in the modern society.

Further, I think shopping has positive effects, for example, it works as a mood elevator. When people feel low or depressed, they feel happy after shopping. Also, consumers play a key role in a nation’s economy. The growth of a country’s economy has a lot of dependency on purchasing power and frequency of purchase by consumers and if shopping reduces, then the country’s financial status is deemed to be in trouble.

On the other hand, there are certain undesirable results brought by this development. The major drawback is that people spend a lot of money in buying unnecessary goods. Many a times, people end up denting their hard earned savings to buy expensive goods which are not really required. In addition, the mental and physical functioning required in this activity is very limited which may lead to physical illness. Also, most shoppers become materialistic and are inclined to brand names and signature items regardless of price and need.

Overall, shopping being opted as a leisure time activity in place of other hobbies has some good effects, however, it must be done within certain limits to avoid the negative effects. 

POINTS TO REMEMBER:

Shopping is opted as a leisure time activity // Reasons are materialism, competition, helps in elevating the mood. // The positive aspects are it can boost the economy and make people happy. // Demerits- it leads to wastage, not helpful in mental development // Advisable to be done only in limits.

VOCABULARY: Epoch: era // advisable: suggested // drawbacks: demerits, disadvantages // merits: benefits, advantages

RELATED QUESTION: Shopping is the favourite activity of people nowadays. Do its advantages overshadow its disadvantages?

Shopping is replacing other hobbies