The Business and economics Portal
In the social sciences
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
, and consumption
. The word "economics" is from the Greek
], 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.
Photo credit: Genghiskhanviet
The Financial Tower, owned by Bitexco, a wholly large Vietnamese company is a skyscraper of 74 storeys and 7 basements which is currently under construction in Ho Chi Minh City, Vietnam. Its location is in the business district 1 of the city. The groundbreaking ceremony was held in September 2005. Construction of the tower was started in June, 2007 and the tower is due to be completed in 30 months. The tower will have more than 16 elevators of the latest generation that can reach any position and any floor in the building within 45 seconds. When the building comes into operation, about 10,000 people will work there. Because of its size, the project is designed with seven basements covering 33,000 square meters for parking and for equipment for the building's operation. The tower is located on an area of 6,000 m² with the floor area of over 100,000 m². Total cost reaches more than $120 million. Once completion, this will be the tallest building in Vietnam. But in 2010, this title will be surpassed by a skyscraper in Hanoi, Keangnam Hanoi Landmark Tower with the height to the top roof of 336 m, 70 stories. However, as far as the number of floors is concerned, this tower will still have the most floors in Vietnam. The tower will be made of steel and glass structure and shaped in a lotus petal. Lotus is considered as a symbol of Vietnamese culture.
"We close this chapter with a hint on the next discussion of resistance to randomness. Recall that Nero can be considered prosperous but not "very rich" by his day's standards. However, according to some strange accounting measure we will see in the next chapter, he is extremely rich on the average of lives he could have led-he takes so little risk in his trading career that there could have been very few disastrous outcomes. The fact that he did not experience John's success was the reason he did not suffer his downfall. He would be therefore wealthy according to this unusual (and probabilistic) method of accounting for wealth. Recall that Nero protects himself from the rare event. Had Nero had to relive his professional life a few million times, very few sample paths would be marred by bad luck-but, owning to his conservatism, very few as well would be affected by extreme good luck. That is, his life in stability would be similar to that an ecclesiastic clock repair-man. Naturally, we are discussing only his professional life, excluding his (sometimes volatile) private life.
Arguably, in expectation, a dentist is considerably richer than the rock musician who is driven in a pink Rolls Royce, the speculator who bids up the price of impressionist paintings, or the entrepreneur who collects private jets. For one cannot consider a profession without taking into account the average of the people who enter it, not the sample of those who have succeeded in it. We will examine the point later from the vantage point of the survivorship bias, but here, in Part I, we will look at it with respect to resistance to randomness."
- —Nassim Taleb, Fooled by Randomness, 2001
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On this day in Business history...
- ...that Valrhona, a company based in the small town of Tain l'Hermitage in the Rhône Valley in France, is one of the world's leading manufacturers of high-quality chocolate?
- ... 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.
- ... that Hollywood accounting is the practice of distributing the profit earned by a large project to corporate entities which, though distinct from the one responsible for the project itself, are typically owned by the same people, with the net result of reducing the project's profit by a substantial margin, sometimes even eliminating it altogether.