Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit."
A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.
A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably. (Full article...)
Economics () is a social science that studies the production, distribution, and consumption of goods and services.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy. (Full article...)
Richard Cantillon (1680s – May 1734) was an Irish-French economist and author of Essai sur la Nature du Commerce en Général (Essay on the Nature of Trade in General), a book considered by William Stanley Jevons to be the "cradle of political economy". Although little information exists on Cantillon's life, it is known that he became a successful banker and merchant at an early age. His success was largely derived from the political and business connections he made through his family and through an early employer, James Brydges. During the late 1710s and early 1720s, Cantillon speculated in, and later helped fund, John Law's Mississippi Company, from which he acquired great wealth. However, his success came at a cost to his debtors, who pursued him with lawsuits, criminal charges, and even murder plots until his death in 1734.
Village fair by Flemish artist Gillis Mostaert,1590A fair (archaic: faire or fayre) is a gathering of people to display or trade produce or other goods, to parade or display animals and often to enjoy associated traveling carnival or travelling funfair entertainment. It is normally of the essence of a fair that it is temporary; some last only an afternoon while others may last as long as ten weeks. Activities at fairs vary widely. Some trade fairs are important regular business events either where products are traded between businesspeople, as at the Frankfurt Book Fair, where publishers sell book rights in other markets to other publishers, or where products are showcased to consumers, as for example in agricultural districts where they present opportunities to display and demonstrate the latest machinery on the market to farmers.
"Corporate managers have directed a great deal of attention to defining their businesses as a crucial step in strategy formulation. Theodore Levitt, in his classic 1960 article in HBR, argued strongly for avoiding the myopia of narrow, product-oriented industry definition. Numerous other authorities have also stressed the need to look beyond product to function in defining a business, beyond national boundaries to potential international competition, and beyond the ranks of one’s competitors today to those that may become competitors tomorrow. As a result of these urgings, the proper definition of a company’s industry or industries has become an endlessly debated subject.
One motive behind this debate is the desire to exploit new markets. Another, perhaps more important motive is the fear of overlooking latent sources of competition that someday may threaten the industry. Many managers concentrate so singlemindedly on their direct antagonists in the fight for market share that they fail to realize that they are also competing with their customers and their suppliers for bargaining power. Meanwhile, they also neglect to keep a wary eye out for new entrants to the contest or fail to recognize the subtle threat of substitute products."
The following are images from various business-related articles on Wikipedia.
"Jack and the Giant Joint-Stock", a cartoon in
Town Talk(1858) satirizing the 'monster' joint-stock economy that came into being after the
Joint Stock Companies Act 1844(from
Corporation)
In 2012, Ambassador-at-Large for Global Women's Issues
Melanne Verveergreets participants in an African Women's Entrepreneurship Program at the
State Departmentin Washington, D.C. (from
Entrepreneurship)
Chart of the
South Sea Company's stock prices. The rapid inflation of the stock value in the 1710s led to the
Bubble Act 1720, which restricted the establishment of companies without a
royal charter. (from
Corporation)
1/8 share of the
Stora Kopparbergmine, dated June 16, 1288 (from
Corporation)
in the
Los AngelesDowntown Financial District (from
Business)
(1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from
Entrepreneurship)
is one of the most recognizable corporations in the world. (from
Corporation)
Small business vendors at a public market (from
Business)
Women's Entrepreneur
Networkevent in New York City (from
Entrepreneurship)
This safety plan of a small Italian business provides information regarding emergency instructions (
earthquakeand
fire),
emergency telephone numbers,
escape routesand locations of
first aid boxand
fire exstinguishers. (from
Business)
was the leading expert on partnerships and company law in the
Salomon v. Salomon & Co.case. The landmark case confirmed the
distinct corporate identityof the company. (from
Corporation)
Plaque in London commemorating Jewish entrepreneur Sir
Jack Cohenwho in 1919 founded
Tesco, the largest supermarket chain in the UK. (from
Entrepreneurship)
Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from
Entrepreneurship)
Time required to start a business in 2017 (from
Business)
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