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.
The corporation tax is a tax levied in the United Kingdom on the profits made by UK-resident companies and associations. It is also levied on non-UK resident companies and associations which trade in the UK through a permanent establishment. The tax was introduced by the Finance Act 1965, which simultaneously removed companies and associations that became liable to corporation tax from the charge to the income tax. The tax borrowed its basic structure and many of its rules from income tax. Recently the tax has come under pressure from a number of sources. Tax competition between jurisdictions has reduced the headline charge to 30 percent; judgments from the European Court of Justice have found that certain aspects of UK corporate tax law are discriminatory under European Union treaties and are expected to continue to do so; and tax avoidance schemes marketed by the big accountancy and law firms and by banks have threatened the tax base. The British government has responded to the last two by introducing ever more complex legislation to counter the threats.
Bribery around the world is estimated at about $1 trillion (£494bn). The burden of corruption falls disproportionately on the bottom billion people living in extreme poverty who cannot afford to pay and who thus receive sub-standard treatment from officials.
"The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas."
- —John Maynard Keynes, The General Theory of Employment, Interest and Money, 1936
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