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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 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 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. It also seeks to analyse and describe the global economy. (Full article...)

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Idlewild and Soak Zone, commonly known as Idlewild Park or simply Idlewild, is a family amusement park situated in the Laurel Highlands near Ligonier, Pennsylvania, United States, about 50 miles (80 km) east of Pittsburgh, along US Route 30. Founded in 1878 as a campground along the Ligonier Valley Railroad by Adam Moranduzzo, Idlewild is the oldest amusement park in Pennsylvania and the third oldest operating amusement park in the United States behind Lake Compounce and Cedar Point. The park has won several awards, including from industry publication Amusement Today as the best children's park in the world.

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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.

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Nuuk skyline at night

The economy of Greenland is characterized as small, mixed and vulnerable. Greenland's economy consists of a large public sector and comprehensive foreign trade. This has resulted in an economy with periods of strong growth, considerable inflation, unemployment problems and extreme dependence on capital inflow from the Kingdom Government.

GDP per capita is close to the average for European economies, but the economy is critically dependent upon substantial support from the Danish government, which supplies about half the revenues of the self-rule government, which in turn employs 10,307 Greenlanders out of 25,620 currently in employment (2015). Unemployment nonetheless remains high, with the rest of the economy dependent upon demand for exports of shrimp and fish. (Full article...)

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"Sloan grabbed hold of this important modification in the marketplace and began to offer more and more different models. This "full-line" policy was General Motor's unique strategy to answer public demands. How did the automobile industry as a whole respond to this diversification?

In the transition from mass-produced Model T's to the full-line policy of General Motors, production processes became complicated. To reduce costs while making various types of cars, standard parts had to be developed for use in different models. The Ford system, however, was not modified to any great extent.

At about this time, pricing policies were actively studied and employed in response to the wide variations resulting from diversification in the marketplace. I think that in production, however, the unfinished Ford system changed little and became deeply rooted.

When building up the Toyota production system, I always kept in mind the Japanese market and its demands for many types of cars in small quantities - different from American demands for a few types in large quantities.

The Toyota production system helps production meet market demands. We now know that producing many types of cars in large quantities is economically desirable, even though the Toyota system was built on the premise of many types in small quantities for the Japanese environment. Thus, the system is proving its effectiveness in the mature Japanese market. At the same time, I think the Toyota production system can be applied in America where the market for many types in large quantities has existed since Sloan's time."

—Taiichi Ohno, Toyota Production System, English edition of 1988

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

... that only months after going out of business, Milkrun relaunched?
... that "gig" in "gig economy" comes from the slang term for individual appearances by performing artists?
... that the 2013 book Brick by Brick, about how The Lego Group reinvented itself, became a popular business text?
... that the economy of Tolkien's Middle-earth has been described as a mix of feudalism and capitalism, with one scholar even suggesting it had communist elements?
... that the University of Maryland's Iribe Center was partly funded by a businessman who dropped out of the university?
... that Celine-Marie Pascale's work focuses on how race and class impact the way "business practices and government policies create, normalize and entrench economic struggles" to benefit the wealthy?

On this day in business history

December 22:

1920 - The GOELRO economic development plan is adopted by the 8th Congress of Soviets of the Russian SFSR.

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 2Lindley 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 3Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 4Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)
Image 5"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 6Offices in the Los Angeles Downtown Financial District (from Business)
Image 7Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 8Chart 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 9Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 10In 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 11Time required to start a business in 2017 (from Business)
Image 12McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 131/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)

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...that Kiran Mazumdar-Shaw, chairman of Biocon, is India's richest woman?

...advertising management is a function of marketing starting from market research, continuing through advertising, leading to actual sales or achievement of objectives?

... that a value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls?

...that EID Parry is one of the oldest business entities in the Indian subcontinent and owes its origin to Thomas Parry, a Welshman who came to India in late 1780s?

... that an agrarian society is one that is based on agriculture as its prime means for support and sustenance?

... that the expression Hindu rate of growth is used to refer to the low annual growth rate of the economy of India, which stagnated around 3.5% from 1950 to 1980?

...that Massachusetts Institute of Technology professor Daron Acemoğlu received the 2005 John Bates Clark Medal for his work on Skill Acquisition and Technological Change, Investment and Growth, Directed Search and Unemployment, The Role of Institutions in Economic Development and Political Economy?

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