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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...)

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The United States Assay Commission were an agency of the United States government from 1792 to 1980. Its function was to supervise the annual testing of the gold, silver, and (in its final years) base metal coins produced by the United States Mint to ensure that they met specifications. Although some members were designated by statute, for the most part the commission, which was freshly appointed each year, consisted of prominent Americans, including numismatists. Appointment to the Assay Commission was eagerly sought after, in part because commissioners received a commemorative medal. These medals, different each year, are extremely rare, with the exception of the 1977 issue, which was sold to the general public.

The Mint Act of 1792 authorized the Assay Commission. Beginning in 1797, it met in most years at the Philadelphia Mint. Each year, the President of the United States appointed unpaid members, who would gather in Philadelphia to ensure the weight and fineness of silver and gold coins issued the previous year were to specifications. In 1971, the commission met, but for the first time had no gold or silver to test, with the end of silver coinage. Beginning in 1977, President Jimmy Carter appointed no members of the public to the commission, and in 1980, he signed legislation abolishing it.

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European Central Bank headquarters in Frankfurt, Germany

Photo credit: Dontworry

The European Central Bank (ECB) is one of the world's most important central banks, responsible for monetary policy covering the 15 member countries of the Eurozone. It was established by the European Union (EU) in 1998 with its headquarters in Frankfurt, Germany.

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Mexico City, the financial center of Mexico

The economy of Mexico is a developing mixed-market economy. It is the 12th largest in the world in nominal GDP terms and by purchasing power parity as of 2024. Since the 1994 crisis, administrations have improved the country's macroeconomic fundamentals. Mexico was not significantly influenced by the 2002 South American crisis, and maintained positive, although low, rates of growth after a brief period of stagnation in 2001. However, Mexico was one of the Latin American nations most affected by the 2008 recession with its gross domestic product contracting by more than 6% in that year. (Full article...)

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" Monopolistic competition is a challenge to the traditional viewpoint of economics that competition and monopoly are alternatives and that individual prices are to be explained in terms of either the one or the other. By contrast, it is held that most economic situations are composites of both competition and monopoly, and that, wherever this is the case, a false view is given by neglecting either one of the two forces and regarding the situation as made up entirely of the other. This seems to be a very simple idea. Indeed if one is not quite set in the way of thinking which involves mutual exclusiveness, it is grasped at once."

—Edward Chamberlin, Monopolistic or Imperfect Competition?, 1937

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... that Selling Mother's Milk is a book which discusses the 18th-century practice of some parents in France giving their children to wet nurses for a year or more?
... that while oil and gas production is a large part of Turkmenistan's economy, there are only two oil refineries in Turkmenistan?
... that the 2017 acquisition of Katz Broadcasting by the E. W. Scripps Company was seen as a validation of the business of diginets?
... that German economist Ingo Böbel became Professor of Economics at International University of Monaco after serving a prison sentence for embezzlement and tax evasion?
... 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 the Lebon Patisserie & Café in Istanbul closed in 2022, after 212 years of business, due to the high increase of monthly rent?

On this day in business history

May 27:

1836 - Jay Gould, a leading American railroad developer and speculator, was born on this day.

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General images

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

Image 1Offices in the Los Angeles Downtown Financial District (from Business)
Image 21/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 3Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 4Time required to start a business in 2017 (from Business)
Image 5Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 6Lindley 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 7In 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 8"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 9Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 10McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 11Chart 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 12Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 13Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)

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More did you know

...that former Harvard University president Lawrence Summers served as the World Bank Chief Economist from 1991 to 1993?

...that André Meyer quit school at age 16 to work as a messenger boy, and was later described as "the most creative financial genius of our time in the investment banking world" by David Rockefeller?

...that Valrhona, a company based in the small town of Tain l'Hermitage in the Rhône Valley in France, is one of the world's leading manufacturers of high-quality chocolate?

...that it is estimated that more than 85 percent of all business information exists as unstructured data, commonly appearing in e-mails, memos, reports, letters, presentations and Web pages?

... that the Automotive Electronics Council is an organisation based in the USA that sets qualification standards for the supply of components in the automotive electronics industry.

... that Hollywood accounting is the practice of distributing the profit earned by a large project to corporate entities which, though distinct from the one responsible for the project itself, are typically owned by the same people, with the net result of reducing the project's profit by a substantial margin, sometimes even eliminating it altogether.