The Business and Economics Portal

The time required to start a business is the number of calendar days needed to complete the procedures to legally operate a business. This chart is from 2017 statistics.
The time required to start a business is the number of calendar days needed to complete the procedures to legally operate a business. This chart is from 2017 statistics.
Fish for sale in Dhaka, Bangladesh, with a price tag of 395 Bangladeshi taka per kilogram.
Fish for sale in Dhaka, Bangladesh, with a price tag of 395 Bangladeshi taka per kilogram.

Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services).[need quotation to verify] 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. 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 by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner. (Full article...)

Economics (/ˌɛkəˈnɒmɪks, ˌkə-/) is the 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 is a field which 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...)

Selected article

AIG New York headquarters at dusk
AIG New York headquarters at dusk

American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is a sponsor of the AIG Women's Open golf tournament.

AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000. AIG was ranked 60th on the 2018 Fortune 500 list. According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. On December 31, 2017, AIG had $65.2 billion in shareholder equity.

Selected image

Village fair by Flemish artist Gillis Mostaert,1590
Village fair by Flemish artist Gillis Mostaert,1590

A 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.

Selected economy

Skyline of Singapore's Downtown Core
Skyline of Singapore's Downtown Core

The economy of Singapore is a highly developed free-market economy. Singapore's economy has been ranked by the World Economic Forum as the most open in the world, the 3rd-least corrupt, and the most pro-business. Singapore has low tax-rates and the second-highest per-capita GDP in the world in terms of purchasing power parity (PPP). The Asia-Pacific Economic Cooperation (APEC) is headquartered in Singapore.

Alongside the business-friendly reputation, state-owned enterprises play a substantial role in Singapore's economy. The sovereign wealth fund Temasek Holdings holds majority stakes in several of the nation's largest companies, such as Singapore Airlines, SingTel, ST Engineering and MediaCorp. The Singaporean economy is a major foreign direct investment (FDI) outflow-financier in the world. Singapore has also benefited from the inward flow of FDI from global investors and institutions due to its highly attractive investment climate and a stable political environment in recent years. (Full article...)

Selected quote

The consumers at any economic levels but the highest few have only a limited amount to spend. All kinds of products are offered to them in various enticing ways. Competition as a result is keen and ruthless. The only way an industrial unit can hope to survive under these conditions is constantly to seek to keep production costs as low as possible.

Not many years ago, when cost reductions were necessary for one reason or another, they were obtained by reducing wages. The possibilities of obtaining cost reductions by increasing the production of the workers were not at the time generally recognized. Recently, however, there has been a marked change. The employer has come to realize that the worker is also a consumer and that, if wages are reduced, purchasing power is reduced. Therefore, a better way toward cost reduction lies in waste elimination so that greater production is secured with less effort.

Methods engineering is primarily concerned with devising methods that increase production and reduce costs. Hence, it plays an important role in determining the competitive position of a plant. As competition appears to be becoming keener, it is probable that methods engineering will become increasingly important.

Methods engineering in an industrial unit can never be considered as completed. Costs that are satisfactory and competitive today become excessive in a comparatively short time because of the improved developments of other units of the industry. If the producer who is in a good competitive position today decides that his costs have reached rock bottom and that no further attempt to improve them is necessary, within a short while he is likely to find himself facing loss of his commercial standing as owner of an efficiently managed plant. Only by constantly seeking to improve can any unit safeguard its competitive position. Conditions in industry are never static, and steady progress is the only sure way to success.

Harold Bright Maynard, Operation Analysis, 1939

Topics


Related WikiProjects

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

Nuvola apps filetypes.svg

On this day in business history

May 10:

General images

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

More did you know

  • ... that Italy is the third largest producer of wine in the world?
  • ...that Calouste Gulbenkian was known as Mr. Five Percent because he retained 5% of the shares of Royal Dutch/Shell, the second-largest corporation in the world by revenue, which he participated in the formation of in 1907?

Business news

Wikinews Economy and business portal
Wikinews logo

Subcategories

Related portals

Things you can do

Urgent and important articles are bold

Here are some tasks awaiting attention:

Wikimedia

The following Wikimedia Foundation sister projects provide more on this subject:

Sources

Discover Wikipedia using portals
Purge cache