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The Business and Economics Portal

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."

Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. 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.

The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, such as a corporation or cooperative. (Full article...)

Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) 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 analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. (Full article...)

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John Davison Rockefeller, Sr. (July 8, 1839–May 23, 1937) was an American industrialist and philanthropist who played a pivotal role in the establishment of the oil industry, and defined the structure of modern philanthropy. In 1870, Rockefeller helped found the Standard Oil company. Over a forty-year period, Rockefeller built Standard Oil into the largest and most profitable company in the world, and became the world's richest man.

His business career was controversial. He was bitterly attacked by muckraking journalists; his company was convicted in the Federal Court of monopolistic practices and broken up in 1911. He gave up active management of Standard Oil in the late 1890s, while keeping a large fraction of the shares. He spent the last forty years of his life focused on philanthropic pursuits, primarily related to education and public health. He donated most of his wealth using multiple foundations run by experts. He was a devout Northern Baptist and supported many church-based institutions throughout his life.

Rockefeller may ultimately be remembered simply for the raw size of his wealth. In 1902, an audit showed Rockefeller was worth about $200 million, compared to the total national wealth that year of $101 billion. His wealth grew significantly after as the demand for gasoline soared, eventually reaching about $900 million, including significant interests in banking, shipping, mining, railroads, and other industries. By the time of his death in 1937, Rockefeller's remaining fortune, largely tied up in permanent family trusts, was estimated at $1.4 billion. Rockefeller's net worth over the last decades of his life would easily place him among the list of wealthiest persons in history. As a percentage of the United States economy, no other American fortune—including Bill Gates or Sam Walton—would even come close.

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Photo credit: Genghiskhanviet

Project management is the process and activity of planning, organizing, motivating, and controlling resources, procedures and protocols to achieve specific goals in scientific or daily problems. A project is a temporary endeavor designed to produce a unique product, service or result with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value. The temporary nature of projects stands in contrast with business as usual (or operations), which are repetitive, permanent, or semi-permanent functional activities to produce products or services. In practice, the management of these two systems is often quite different, and as such requires the development of distinct technical skills and management strategies.)

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The economy of Ohio nominally would be the 21st largest global economy behind Saudi Arabia and ahead of Argentina according to the 2017 International Monetary Fund GDP estimates. The state had a GDP of $656.19 billion in 3rd quarter of 2017, up from $517.1 billion in 2012, and up from $501.3 billion in 2011, according to the Bureau of Economic Analysis. In 2013, Ohio was ranked in the top ten states for best business climate by Site Selection magazine, based on a business-activity database. The state was edged out only by Texas and Nebraska for the 2013 Governor's Cup award from the magazine, based on business growth and economic development. (Full article...)

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"Buy what thou hast no need of; and e'er long thou shalt sell thy necessaries."

—Benjamin Franklin, Poor Richard's Almanack, 1732-1758

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Topics

Business: Accountancy · Actuarial science · Administration · Business continuity planning · Business development · Business ethics · Business intelligence · Business model · Business process · Businesspeople · Commerce · Commercial law · Companies · Companies law · Control · Consumer behaviour · Corporate crime · Corporate social responsibility · Electronic commerce · Entrepreneurship · Family business · Fictional companies · Finance · Globalization · Industry · Information technology management · Insurance · Internal communications · International business · International trade · Logistics · Management · Market · Marketing · Market Research · Mergers and acquisitions · Operations management · Operations research · Organizational studies · Procurement · Project management · Public relations · Quality management · Retailing · Risk management · Sales · Supply Chain Management

Lists: Accounting · Business · Business law · Business management · Business theorists · Economics · Economists · Finance · Important publications · Industrial organization · Information technology management · International trade · Management · Marketing · Production · Project management · Think tanks

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Did you know (auto-generated) - load new batch

... that Harvard Business School professor Lauren Cohen is a powerlifting champion?
... that one of Beverly Robertson's biggest accomplishments as CEO of the Greater Memphis Chamber was attracting the Ford Motor Company's US$5.6 billion Blue Oval City complex to Memphis, Tennessee?
... that Dolly Johnson, who had once been a slave of 17th U.S. president Andrew Johnson, opened her own bakery business in 1881?
... that TRW Vidar was a technological pioneer in a business that its parent company soon decided to leave?
... that the studios of a California TV station were converted back into a movie theater after it went out of business?
... that after Lew Dickey Sr. broke into the radio business by buying a station in West Virginia, his son would go on to own Cumulus Media?

On this day in business history

September 28:

1914 - Richard Warren Sears, co-founder of Sears, Roebuck and Company, died on this day.

More on this day

General images

The following are images from various business-related articles on Wikipedia.

Image 1Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 2In 2012, Ambassador-at-Large for Global Women's Issues Melanne Verveer greets participants in an African Women's Entrepreneurship Program at the State Department in Washington, D.C. (from Entrepreneurship)
Image 3Chart 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)
Image 4Apple co-founder and longtime leader Steve Jobs (pictured in 2010) led the introduction of many innovations in the computer, smartphone and digital music industries. (from Entrepreneurship)
Image 51/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 6Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 7Time required to start a business in 2017 (from Business)
Image 8Offices in the Los Angeles Downtown Financial District (from Business)
Image 9"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)
Image 10Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 11Lindley LJ was the leading expert on partnerships and company law in the Salomon v. Salomon & Co. case. The landmark case confirmed the distinct corporate identity of the company. (from Corporation)
Image 12McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 13Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)

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More did you know

...that in the United States of America the largest reserve requirement for commercial banks is 10% of liabilities?

...that the United States Federal Reserve System uses six monetary aggregates as components of the money supply?

...that an open market operation is an activity by a central bank to buy or sell government bonds on the open market?

...that, although nominal USA national debt has been steadily increasing since 1940, Debt-to-GDP ratio was actually higher during WWII than it is now?

... that the United States debt ceiling has been steadily raised since 1981?

... the Federal Reserve owns the largest share of the USA national debt?

...the term petrodollars was coined by Ibrahim Oweiss to describe dollars that did not circulate inside the United States, and therefore were not part of the normal money supply, and instead were received by petroleum exporting countries (OPEC) in exchange for oil?

More did you know facts