This is the difference between sales and raw materials plus bought out items. Usually added value increases with higher levels of technology. ‘Value added’ is the basis of value added tax (VAT).

An economic law. According to it the lesser a person’s income, the greater the portion of it the person spends on basic necessities.

Application of scientific knowledge to the design, commissioning and use of machines, etc.

The cost incurred on different types of energies (gas, oil, coke, electricity, etc.) by any organization.

Actions initiated by a firm to utilize fuels etc. efficiently so that there is no over utilization or waste.

An audit aimed at assessing a firm’s efforts to conserve energy and improve its utilization or waste.

An insurance and assurance policy in which the assured by paying specific premium for a specific period gets stipulated lumpsum at the end of the period.

A term in bills of exchange operations. A person negotiating a bill signs on the reverse of the document thereby transferring the property in the document.

1)Any meeting in conflict. 2) To come across.

Putting something into code.

The tax levied on employees in general by the respective state governments. The amount is deducted through the payroll.

The rate at which people are absorbed into service.

These are costs ascribable to an employee over the gross wages paid to him.

Conditions relating to employment.

These accredited institutions which bring together unemployed persons register with them for employers seeking suitable persons for employment.

1) The state of being employed. 2) One’s trade or profession.

An association of employers whose job is to take appropriate measures to resolve industrial disputes. It also represents employers interests in various forums.

This is concerned with the relationship aspect of the organization.

Inter departmental memos issued to keep employees informed about different aspects of the organization.

Any plan aimed at providing benefits to the employees.