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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 the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy. (Full article...)

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The 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.

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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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Shanghai, the financial center of China

The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans. China is the world's second largest economy by nominal GDP and since 2017 has been the world's largest economy when measured by purchasing power parity (PPP). China accounted for 19% of the global economy in 2022 in PPP terms, and around 18% in nominal terms in 2022. The economy consists of state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector which contribute approximately 60% of the GDP, 80% of urban employment and 90% of new jobs; the system also consist of a high degree of openness to foreign businesses. (Full article...)

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It can readily be seen that such a plan of management as this will bring out co-operation as would no other plan; and it should be stated here emphatically that there is nothing that can permanently bring about results from scientific management, and the economies that it is possible to effect by it, unless the organization is supported by the hearty co-operation of the men. Without this there is no scientific management.

Moreover, since the conditions which bring about the cooperation are measured and standardized, the result is stable. Co-operation without standardization is a most unstable thing, likely to disappear at any moment with a change of the individuals supposed to co-operate.

—Frank Bunker Gilbreth, Sr., Units, Methods, and Devices of Measurement Under Scientific Management, 1913

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

... that political consultant Jim Rivaldo said that moving to San Francisco made him realize that "there were gay lawyers, gay businessmen—a lot of people like me"?
... that the 2017 acquisition of Katz Broadcasting by the E. W. Scripps Company was seen as a validation of the business of diginets?
... that Mary Mellor argued that the COVID-19 pandemic increased the impact of the patriarchy on women, both at home and in the wider economy?
... that developmental economist Michael Lipton showed that poor farmers were more resource efficient than rich farmers?
... that Earle M. Chiles, a businessman and philanthropist from Portland, Oregon, was also a senator of the board of Ludwig Maximilian University in Munich, Germany?
... that soprano Galina Pisarenko studied economics, English, and Norwegian at the same time she was studying to become a professional opera singer?

On this day in business history

February 17:

1963 - Jen-Hsun Huang, an Taiwanese-American businessman, co-founder of Nvidia, was born on this day.

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General images

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

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

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