Portal:Business
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." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired. 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 (/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 analyses 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 analyses the economy as a system where production, distribution, consumption, savings, and investment expenditure interact, and factors affecting it: factors of production, such as labour, capital, land, and enterprise, inflation, economic growth, and public policies that have impact on these elements. (Full article...) Selected articleThe Chicago school of economics is a school of thought favoring free-market economics practiced at and disseminated from the University of Chicago. The leaders were Nobel laureates George Stigler and Milton Friedman (pictured). It is associated with neoclassical price theory and free market libertarianism, refutation and rejection of Keynesianism in favor of monetarism (until the 1980s, when it turned to rational expectations), and rejection of regulation of business in favor of laissez-faire. In terms of methodology the stress is on "positive economics"--that is, empirically based studies using statistics, with less stress on theory and more on data. The school is noted for its very wide range of topics, from regulation to marriage, slavery and demography, that it studies. The term was coined in the 1950s to refer to economists teaching in the Economics Department at the University of Chicago, and closely related academic areas at the University such as the Graduate School of Business and the Law School. They met together in frequent intense discussions that helped set a group outlook on economic issues, based on price theory. The school of thought is not the same as the Department of Economics at the University of Chicago, widely considered one of the world’s foremost economics departments, having fielded more Nobel Prize winners and John Bates Clark medalists in economics than any other university. Only some, but not a majority, of the professors in the economics department are considered part of the school of thought. Selected image
Selected economyThe economy of Europe comprises about 748 million people in 50 countries. The formation of the European Union (EU) and in 1999 the introduction of a unified currency, the Euro, brought participating European countries closer through the convenience of a shared currency. The European Union is a unique global organisation, an entity forming one of the largest economies in the world. The European Union also “regulates” the global market by the single market. The difference in wealth across Europe can be seen roughly in the former Cold War divide, with some countries breaching the divide (Greece, Portugal, Slovenia, the Czech Republic, Lithuania, Latvia and Estonia). Whilst most European states have a GDP per capita higher than the world's average and are very highly developed, some European economies, despite their position over the world's average in the Human Development Index, are relatively poor. Europe has total banking assets of more than $50 trillion and its Global assets under management has more than $20 trillion. Throughout this article "Europe" and derivatives of the word are taken to include selected states whose territory is only partly in Europe, such as Turkey, Azerbaijan and Georgia, and states that are geographically in Asia, bordering Europe and culturally adherent to the continent, such as Armenia and Cyprus. (Full article...) Selected quoteThe majority of these men beheve that the fundamental interests of employees and employers are necessarily antagonistic. Scientific management, on the contrary, has for its very foundation the firm conviction that the true interests of the two are one and the same; that prosperity for the employer cannot exist through a long term of years unless it is accompanied by prosperity for the employe, and vice versa; and that it is possible to give the workman what he most wants — high wages — and the employer what he wants — a low labor cost — for his manufactures. It is hoped that some at least of those who do not sympathize with each of these objects may be led to modify their views; that some employers, whose attitude toward their workmen has been that of trying to get the largest amount of work out of them for the smallest possible wages, may be led to see that a more liberal policy toward their men will pay them better; and that some of those workmen who begrudge a fair and even a large profit to their employers, and who feel that all of the fruits of their labor should belong to them, and that those for whom they work and the capital invested in the business are entitled to little or nothing, may be led to modify these views. No one can be found who will deny that in the case of any single individual the greatest prosperity can exist only when that individual has reached his highest state of efficiency; that is, when he is turning out his largest daily output.
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