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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 Han dynasty (206 BC – 220 AD) of ancient China experienced contrasting periods of economic prosperity and decline. It is normally divided into three periods: Western Han (206 BC – 9 AD), the Xin dynasty (9–23 AD), and Eastern Han (25–220 AD). The Xin regime, established by the former regent Wang Mang, formed a brief interregnum between lengthy periods of Han rule. Following the fall of Wang Mang, the Han capital was moved eastward from Chang'an to Luoyang. In consequence, historians have named the succeeding eras Western Han and Eastern Han respectively.

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Photo credit: Caciss

Seaborne piracy has been affecting trade since the 13th century BC. Seaborne piracy against transport vessels remains a significant issue, with estimated worldwide losses of US $13 to $16 billion per year.

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Metro Manila, the economic center of the Philippines

The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.

The Philippine economy is transitioning from one based on agriculture to one based more on services and manufacturing. It has experienced significant economic growth and transformation in recent years. With an average annual growth rate of around 6 percent since 2010, the country has emerged as one of the fastest-growing economies in the world. The Philippines is a founding member of the United Nations, Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, East Asia Summit and the World Trade Organization. The Asian Development Bank (ADB) is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila.

The country's primary exports include semiconductors and electronic products, transport equipments, garments, chemical products, copper, nickel, abaca, coconut oil, and fruits. Its major trading partners include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. (Full article...)

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"Production Cloning

On the supply side, the ultimate source of a mass winner-take-all market is that the services of the best performers can be reproduced, or "cloned", at low additional cost. For example, once the master recording has been made, it costs no more to transcribe the best soprano's performance onto a compact disc than it does her understudy's. Once the film is in the canister, it costs no more to make an additional print of an Academy Award winner than a B western. Once the television cameras have been set up, it costs no more to broadcast a tennis match between the first- and second-ranked players in the world than it does to broadcast a match between the 101st and 102nd. If the best performers' efforts can be cloned at low marginal cost, there is less room in the market for lower-ranked talents.

More generally, whenever there are economies of scale in production or distribution, there is a natural tendency for one product, supplier, or service to dominate the market. The battle is to determine which one it will be.

Network Economies

On the demand side of many markets, a product becomes more valuable as greater numbers of consumers use it. A vivid illustration is VHS's defeat of the competing Beta format in home video recorders. VHS's defeat of the competing Beta format in home video recorders. VHS's attraction over the initial versions of Beta was that it permitted longer recording times. Thought Beta later corrected this deficiency and on most important technical dimensions came to be widely by experts as superior to VHS, the initial sales advantage of VHS proved insurmountable. Once the number of consumers owning VHS passed a critical threshold, the reasons for choosing it became compelling-variety and availability of tape rentals, access to repair facilities, the capability to exchange tapes with friends, and son on."

—Robert H. Frank, The Winner-Take-All Society, 1995

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

... that soprano Galina Pisarenko studied economics, English, and Norwegian at the same time she was studying to become a professional opera singer?
... that women- and minority-owned businesses built the Frequent Express high-capacity bus line in Portland, Oregon?
... that Eleanor Hadley, a 29-year-old doctoral candidate in economics, was recruited by the Supreme Commander for the Allied Powers to implement antitrust policies in occupied Japan?
... that Ruffian Games co-developed Kinect games to stay in business after the release of Crackdown 2?
... that the University of Maryland's Iribe Center was partly funded by a businessman who dropped out of the university?
... that businessman and activist Matthew Glover's charity challenged Pope Francis to become a vegan for Lent?

On this day in business history

May 29:

1927 - Jean Coutu, a Canadian pharmacist and businessman, founder of the Jean Coutu Group, was born on this day.

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General images

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

Image 1Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)
Image 2Time required to start a business in 2017 (from Business)
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 4Offices in the Los Angeles Downtown Financial District (from Business)
Image 5Chart 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 6Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 7"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 8Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 9McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
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 11Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 12Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 131/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)

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More did you know

...that Gold Fixing is the procedure by which the price of gold is set on the London market by the five members of the London Bullion Market Association?

...that the Heroninos Archive contains examples of a complex and standardized system of accounting used in 3rd century Roman Egypt?

...that Jerry White, cofounder of the Landmine Survivors Network, delivered the 2005 commencement address at the University of Michigan's Ross School of Business?

...that the melting and export of cents and nickels can be punished with a fine of up to $10,000 and/or imprisoned for a maximum of five years?

...that the Vatican City, has an Automated teller machine (ATM) with instructions in Latin?

... that the GDP deflator (implicit price deflator for GDP) is a price index measuring changes in prices of all new, domestically produced, final goods and services in an economy.