Portal:Business and economics

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The New York Stock Exchange floor

In the social sciences, economics is the study of human choice behavior and the methodology used to make associated investment and production decisions; in particular, though not limited to, how those choices and decisions determine the allocation of scarce resources and their effect on production, distribution, and consumption. The word "economics" is from the Greek words οἶκος [oikos], meaning "family, household, estate", and νόμος [nomos], or "custom, law", and hence literally means "household management" or "management of the state". An economist is a person using economic concepts and data in the course of employment, or someone who has earned a university degree in the subject. Economics undergraduate courses always cover at least the two main branches:

  • Microeconomics studies the behavior of individual households and firms in making decisions on the allocation of limited resources. Microeconomics applies to markets where goods or services are bought and sold. It examines how decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.
  • Macroeconomics deals with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies.

However, there are also other sub-fields of economics.

In economics, economic systems is the study and analysis of organizing production, distribution, consumption and investment and the study of optimal resource allocation and institutional design. Traditionally the study of economic systems was based on a dichotomy between market economies and planned economies, but contemporary studies compare and contrast a number of different variables, such as ownership structure (Public, Private or Collective), economic coordination (planning, markets or mixed), management structure (Hierarchy versus adhocracy), the incentive system, and the level of centralization in decision-making. A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange of other goods, services, or money. Businesses may also be not-for-profit or state-owned. Management in business and organizations is the function that coordinates the efforts of people to accomplish goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization or initiative to accomplish a goal. Management is also an academic discipline, and is traditionally taught at business schools. An economy can be analyzed in terms of its economic sectors, the classic breakdown being into primary, secondary and tertiary. Economic policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and government budget as well as the labor market regulations, national ownership, trade policy, monetary policy, fiscal policy, regulatory policy, anti-trust policy and industrial policy. In economics, sustainable development refers to development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

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Tulipomania.jpg

Tulip mania or tulipomania (Dutch names include: tulpenmanie, tulpomanie, tulpenwoede, tulpengekte and bollengekte) was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then suddenly collapsed.

At the peak of tulip mania, in March 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsman. It is generally considered the first recorded speculative bubble (or economic bubble), although some researchers have noted that the Kipper- und Wipperzeit episode in 1619–22, a Europe-wide chain of debasement of the metal content of coins to fund warfare, featured mania-like similarities to a bubble. The term "tulip mania" is now often used metaphorically to refer to any large economic bubble (when asset prices deviate from intrinsic values).

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Office supplies being sold at a drugstore.
Credit: Marlith

Office supplies is the generic term that refers to all supplies regularly used in offices by businesses and other organizations, from private citizens to governments, who works with the collection, refinement, and output of information (colloquially referred to as "paper work"). The office supply industry was estimated to be worth US$ 225 billion in 1999 and is still growing. As of 2006, the largest office supply chains in the United States (in terms of revenue) are Staples (US$16B), Office Depot (US$15B), and OfficeMax (US$8.9B).

Selected economy

US county household median income 2009.png

The United States of America is the world's largest single national economy. The United States' nominal GDP was estimated to be $17.295 trillion as of Q2 2014, approximately a quarter of nominal global GDP. Its GDP at purchasing power parity is also the largest of any single country in the world, approximately a fifth of the global total. The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency. Several countries use it as their official currency, and in many others it is the de facto currency. Its six largest trading partners are Canada, China, Mexico, Japan, Germany, and Italy.

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"Buy what thou hast no need of; and e'er long thou shalt sell thy necessaries."

Benjamin Franklin, Poor Richard's Almanack, 1732-1758
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19:31, 28 November, 2014 (UTC)
4,791.63 Increase 4.31 Increase 0.09%
2,067.56 Decrease 5.27 Decrease 0.25%
14,786.52 Decrease 135.92 Decrease 0.91%
44,364.57 Decrease 324.64 Decrease 0.73%
54,674.34 Decrease 46.98 Decrease 0.09%
6,722.62 Decrease 0.80 Decrease 0.01%
9,980.85 Increase 5.98 Increase 0.06%
4,390.18 Increase 7.84 Increase 0.18%
9,150.46 Increase 21.31 Increase 0.23%
425.86 Increase 0.11 Increase 0.03%
3,287.91 Increase 3.64 Increase 0.11%
20,014.82 Decrease 85.71 Decrease 0.43%
10,770.70 Increase 43.10 Increase 0.40%
5,298.11 Decrease 83.24 Decrease 1.55%
17,459.85 Increase 211.35 Increase 1.23%
23,987.45 Decrease 16.83 Decrease 0.07%
2,682.92 Increase 52.43 Increase 1.99%

On this day in Business history...

November 28:

  • 1994 - Jerry Rubin, an American social activist, anti-war leader, and counterculture icon, and founder of Business Networking Salons, died on this day.

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