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The time required to start a business is the number of calendar days needed to complete the procedures to legally operate a business. This chart is from 2017 statistics.

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."

Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company, such as a corporation or cooperative. (Full article...)

Economics (/ˌɛkəˈnɒmɪks, ˌkə-/) is the 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 analyzes 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 analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. (Full article...)

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Thatgamecompany, stylized as thatgamecompany, is an American independent video game development studio co-founded by University of Southern California students Kellee Santiago and Jenova Chen in 2006. The studio was formerly a developer for Sony Computer Entertainment, contracted to create three downloadable games for the PlayStation 3's PlayStation Network service, and has since secured independent funding. The first of their games is a remake of Chen's award-winning Flash title Flow, with enhanced visuals and sound, added multiplayer modes and compatibility with the PlayStation 3's motion sensitive controller. The title was released on the PlayStation Store in 2007. The company's second PlayStation 3 game, Flower, was released on the PlayStation Store in 2009, and their third game, Journey, was released in March 2012 on the PlayStation Store.

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John D. Rockefeller as an industrial emperor, 1901 cartoon from Puck magazine.
Photo credit: Dontworry

John D. Rockefeller was an American industrialist and philanthropist and founder of Standard Oil. This cartoon from Puck magazine satirizes Rockefeller as an industrial emperor.

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Copenhagen aerial view by night.jpg

The economy of Denmark is a modern mixed economy with comfortable living standards, a high level of government services and transfers, and a high dependence on foreign trade. The economy is dominated by the service sector with 80% of all jobs, whereas about 11% of all employees work in manufacturing and 2% in agriculture. The nominal gross national income per capita was the seventh-highest in the world at $58,439 in 2020. Correcting for purchasing power, per capita income was Int$57,781 or 10th-highest globally. The income distribution is relatively equal but inequality has somewhat increased during the last decades. This increase was attributed to both a larger spread in gross incomes and various economic policy measures. In 2017, Denmark had the seventh-lowest Gini coefficient (a measure of economic inequality) of the then 28 European Union countries. With 5,892,871 inhabitants (1 May 2022), Denmark has the 36th largest national economy in the world measured by nominal gross domestic product (GDP), and the 51st largest in the world measured by purchasing power parity (PPP).

Denmark has a very long tradition of adhering to a fixed exchange-rate system and still does so today. It is very unique among OECD countries to do so while maintaining an independent currency: The Danish krone, which is pegged to the euro. Though eligible to join the Economic and Monetary Union of the European Union (EMU), the Danish voters in a referendum in 2000 rejected exchanging the krone for the euro. Whereas Denmark's neighbours like Norway, Sweden, Poland and the United Kingdom generally follow inflation targeting in their monetary policy, the priority of Denmark's central bank is to maintain exchange rate stability. Consequently, the central bank has no role in a domestic stabilization policy. Since February 2015, the central bank has maintained a negative interest rate to contain an upward exchange rate pressure. (Full article...)

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"...The problem which we face in dealing with actions which have harmful effects is not simply one of restraining those responsible for them. What has to be decided is whether the gain from preventing the harm is greater than the loss which would be suffered elsewhere as a result of stopping the action which produces the harm. In a world in which there are costs of rearranging the rights established by the legal system, the courts, in cases relating to nuisance, are, in effect, making a decision on the economic problem and determining how resources are to be employed. It was argued that the courts are conscious of this and that they often make, although not always in a very explicit fashion, a comparison between what would be gained and what lost by preventing actions which have harmful effects. But the delimitation of rights is also the result of statutory enactments. Here we also find evidence of an appreciation of the reciprocal nature of the problem. While statutory enactments add to the list of nuisances, action is also taken to legalize what would otherwise be nuisances under the common law. The kind of situation which economists are prone to consider as requiring Government action is, in fact, often the result of Government action. Such action is not necessarily unwise. But there is a real danger that extensive Government intervention in the economic system may lead to the protection of those responsible for harmful being carried too far."

Ronald Coase, The Problem of Social Cost, 1960

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On this day in business history

December 8:

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

More did you know

  • ...that, as of August 2008, more than 113 countries around the world, including all of Europe, required or permitted IFRS reporting and 85 required IFRS reporting for all domestic, listed companies?
  • ...that in the circular flow model, the inter-dependent entities of producer and consumer are referred to as "firms" and "households" respectively and provide each other with factors in order to facilitate the flow of income?
  • ...that the balance of payments of a country is the record of all economic transactions between the residents of a country and the rest of the world in a particular period?

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