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 others sub-field of economics (see JEL classification codes).
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.
Richard Cantillon (1680s – May 1734) was an Irish-French economist and author of Essai sur la Nature du Commerce en Général (Essay on the Nature of Trade in General), a book considered by William Stanley Jevons to be the "cradle of political economy". Although little information exists on Cantillon's life, it is known that he became a successful banker and merchant at an early age. His success was largely derived from the political and business connections he made through his family and through an early employer, James Brydges. During the late 1710s and early 1720s, Cantillon speculated in, and later helped fund, John Law's Mississippi Company, from which he acquired great wealth. However, his success came at a cost to his debtors, who pursued him with lawsuits, criminal charges, and even murder plots until his death in 1734.
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.
"I will build a car for the great multitude. It will be large enough for the family, but small enough for the individual to run and care for. It will be constructed of the best materials, by the best men to be hired, after the simplest designs that modern engineering can devise. But it will be so low in price that no man making a good salary will be unable to own one — and enjoy with his family the blessing of hours of pleasure in God's great open spaces."
- —Henry Ford, My Life and Work Chapter IV, 1922
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