1. Negative demand — Consumers dislike the product and may even pay a price to avoid it.

2. Nonexistent demand — Consumers may be unaware of or uninterested in the product.

3. Latent demand — Consumers may share a strong need that cannot be satisfied by an existing product.

4. Declining demand — Consumers begin to buy the product less frequently or not at all.

5. Irregular demand — Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.

6. Full demand — Consumers are adequately buying all products put into the marketplace.

7. Overfull demand — More consumers would like to buy the product than can be satisfied.

8. Unwholesome demand — Consumers may be attracted to products that have undesirable social consequences.

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a, b and d

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b, c and d

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Reality Shock

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iv, ii, iii, i

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b, a, d, c

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issues relating to corporate government practice

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‘Award’ is a technical term, generally used to denote the decision of an arbitrator, adopted by the I.D.Act to apply to the determinations of industrial disputes by the adjudicators under the Act. Since there is not much of a difference between the adjudication process contemplated by the Act and industrial arbitration,the term ‘award’ has been adopted under the Act. Like the determination of a civilcourt,known as ‘decree’ ,the determination by the adjudicator under the Act is known as award.

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Meaning of Entrepreneur : An Entrepreneur is a person who perceives a need and then brings together manpower, material and capital required to meet that need. In other words an entrepreneur is an individual or team that identifies the opportunity, gathers the necessary resources, creates and ultimately responsible for the performance of the organization.

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