Poverty refers to the inability in which a person is not able to fulfill hix minimum basic requirement of life like food, cloth, house, education and health care facility. As a result, person becomes helpless. lives in poverty generation after generation, grows in poverty and dies in poverty.

It refers to the process of bringing actual result closer to desired result. Under this, deviation is noticed by comparing actual result with desired result so that corrective actions can be taken in an organisation in order to correct it. Its main objective is to ensure the actual result closer to desired result.

Directing refers to instructing, Inspiring and communicating with people so that the objective of the organisation can be achieved. It involves managing of the people in an organisation but managing is a very wider concept whereas directing is a very small part of that.

When a manager performs staffing as the function of management in that case he plays the role of line manager wherein he fulfills the processes of recruitment, selection etc. and is directly responsible for the work done whereas when a manager performs staffing as a functional area of management in that case he plays the role

Organising is the function of management under which the job of an individual in an organisation is designed and all the activities of an organisation are grouped so that authority relationship can be established.

New economic reform refers to the set of policies which were undertaken to accelerate the speed of growth and development in the country. In 1991, government of India had implemented three major reforms in the country which drastically affected the Indian economy, such as; the liberlisation policy replaced the licensing policy for trade and industries,

1. During the second world war, the economy of the Europe was in ruins and after the warfare the countries determined to integrate to come out of ruins. 2. The US President Truman decided to provide moral and financial assistance to countries whose Political Unity was vulnerable by Communism. This policy came to be referred as

Planning refers to thinking beforehand. It is the basic function of management and forms base for the other functions of the management. Through this, objectives and methods to achieve the target effectively and efficiently are planned.

USSR  stands for Union of Soviet Socialist Republics. It came into being after Russian Revolution of 1917. This revolution gave rise to a new type of politico-economic system in Russia. After the Second World War, Soviet army liberated the east European Countries from fascist forces and hence they came under the control of USSR. This

Export and import of goods and services across different countries is known as international trade. When the domestically produced goods are sent to some other country, it is known as export of goods and services whereas when the foreign products are demanded by the domestic people, it is known as import of goods and services.