Portal:Business and economics

From Wikipedia, the free encyclopedia
  (Redirected from Portal:Economics)
Jump to: navigation, search

The business and economics portal

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 νέμω [nemo], or "distribution, allocation", hence meaning "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 cover at least 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 studies inflation, price levels, rate of growth, national income, gross domestic product and changes in unemployment of a company, rather than the more specific details that microeconomics studies.

There are also other sub-fields of economics.

In economics, economic systems study and analyze the organizing of production, distribution, consumption and investment. As well as, the study of optimal resource allocation and institutional design. Traditionally, the study of economic systems was based on a dichotomy , or set, 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. An economy can be analyzed in terms of its economic sectors, the classic breakdown being into primary, secondary and tertiary. 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. 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.

Selected article

Quarrymen splitting slate at Dinorwig Quarry, Wales c. 1910

The slate industry in Wales began during the Roman period when slate was used to roof the fort at Segontium, modern Caernarfon. The slate industry grew slowly until the early 18th century, from when it expanded rapidly and reached its peak output in the late 19th century, at which time the most important slate producing areas were in north-west Wales. These included the Penrhyn Quarry near Bethesda, the Dinorwig Quarry near Llanberis, the Nantlle Valley quarries and Blaenau Ffestiniog, where the slate was mined rather than quarried. Penrhyn and Dinorwig were the two largest slate quarries in the world, and the Oakeley mine at Blaenau Ffestiniog was the largest slate mine in the world. The Great Depression and the Second World War led to the closure of many smaller quarries, and competition from other roofing materials, particularly tiles, resulted in the closure of most of the larger quarries in the 1960s and 1970s. Slate production continues on a much reduced scale.


Selected picture

Roman soldiers building a fortress, Trajan's Column, 113 AD
Photo credit: Genghiskhanviet

Project management is the process and activity of planning, organizing, motivating, and controlling resources, procedures and protocols to achieve specific goals in scientific or daily problems. A project is a temporary endeavor designed to produce a unique product, service or result with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value. The temporary nature of projects stands in contrast with business as usual (or operations), which are repetitive, permanent, or semi-permanent functional activities to produce products or services. In practice, the management of these two systems is often quite different, and as such requires the development of distinct technical skills and management strategies.)

Selected economy

North Tehran Towers.jpg

The economy of Iran is a mixed and transition economy with a large public sector. Some 60% of the economy is centrally planned. It is dominated by oil and gas production, although over 40 industries are directly involved in the Tehran Stock Exchange, one of the best performing exchanges in the world over the past decade. With 10% of the world's proven oil reserves and 15% of its gas reserves, Iran is considered an "energy superpower".

It is the world's eighteenth largest by purchasing power parity (PPP) and thirty-second by nominal gross domestic product. The country is a member of Next Eleven because of its high development potential.

A unique feature of Iran's economy is the presence of large religious foundations called Bonyad, whose combined budgets represent more than 30% of central government spending.


Selected quote

"Repetitive labour—the doing of one thing over and over again and always in the same way—is a terrifying prospect to a certain kind of mind. It is terrifying to me. I could not possibly do the same thing day in and day out, but to other minds, perhaps I might say to the majority of minds, repetitive operations hold no terrors. In fact, to some types of mind thought is absolutely appalling. To them the ideal job is one where the creative instinct need not be expressed. The jobs where it is necessary to put in mind as well as muscle have very few takers—we always need men who like a job because it is difficult. The average worker, I am sorry to say, wants a job in which he does not have to put forth much physical exertion—above all, he wants a job in which he does not have to think. Those who have what might be called the creative type of mind and who thoroughly abhor monotony are apt to imagine that all other minds are similarly restless and therefore to extend quite unwanted sympathy to the labouring man who day in and day out performs almost exactly the same operation.

When you come right down to it, most jobs are repetitive. A business man has a routine that he follows with great exactness; the work of a bank president is nearly all routine; the work of under officers and clerks in a bank is purely routine. Indeed, for most purposes and most people, it is necessary to establish something in the way of a routine and to make most motions purely repetitive—otherwise the individual will not get enough done to be able to live off his own exertions. There is no reason why any one with a creative mind should be at a monotonous job, for everywhere the need for creative men is pressing. There will never be a dearth of places for skilled people, but we have to recognize that the will to be skilled is not general. And even if the will be present, then the courage to go through with the training is absent. One cannot become skilled by mere wishing.

There are far too many assumptions about what human nature ought to be and not enough research into what it is. Take the assumption that creative work can be undertaken only in the realm of vision. We speak of creative "artists" in music, painting, and the other arts. We seemingly limit the creative functions to productions that may be hung on gallery walls, or played in concert halls, or otherwise displayed where idle and fastidious people gather to admire each other's culture. But if a man wants a field for vital creative work, let him come where he is dealing with higher laws than those of sound, or line, or colour; let him come where he may deal with the laws of personality. We want artists in industrial relationship. We want masters in industrial method—both from the standpoint of the producer and the product. We want those who can mould the political, social, industrial, and moral mass into a sound and shapely whole. We have limited the creative faculty too much and have used it for too trivial ends. We want men who can create the working design for all that is right and good and desirable in our life. Good intentions plus well-thought-out working designs can be put into practice and can be made to succeed. It is possible to increase the well-being of the workingman—not by having him do less work, but by aiding him to do more. If the world will give its attention and interest and energy to the making of plans that will profit the other fellow as he is, then such plans can be established on a practical working basis. Such plans will endure—and they will be far the most profitable both in human and financial values. What this generation needs is a deep faith, a profound conviction in the practicability of righteousness, justice, and humanity in industry. If we cannot have these qualities, then we were better off without industry. Indeed, if we cannot get those qualities, the days of industry are numbered. But we can get them. We are getting them."

Henry Ford, My Life and Work Chapter VII, 1922

Things you can do

Urgent and important articles are bold


Here are some tasks awaiting attention:

Topics

Related WikiProjects

Related portals

Business news

Market indices

11:31, 09 September, 2017 (UTC)
6,360.19 Decrease 37.68 Decrease 0.59%
2,461.43 Decrease 3.67 Decrease 0.15%
14,985.32 Decrease 39.21 Decrease 0.26%
50,083.80 Decrease 165.32 Decrease 0.33%
7,377.60 Decrease 19.38 Decrease 0.26%
12,303.98 Increase 7.35 Increase 0.06%
5,113.49 Decrease 1.13 Decrease 0.02%
8,912.05 Increase 5.39 Increase 0.06%
518.82 Steady 0.01 Steady 0.00%
3,938.24 Increase 16.30 Increase 0.42%
10,129.60 Increase 4.70 Increase 0.05%
2,343.72 Decrease 2.47 Decrease 0.11%
27,668.47 Increase 145.55 Increase 0.53%
5,739.45 Decrease 14.37 Decrease 0.25%
3364 Steady 1.00 Steady 0.00%

On this day in Business history...

January 18:

Did you know...

  • ...the term petrodollars was coined by Ibrahim Oweiss to describe dollars that did not circulate inside the United States, and therefore were not part of the normal money supply, and instead were received by petroleum exporting countries (OPEC) in exchange for oil?

Categories


Wikipedia's Portals
Purge cache