Portal:Business

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

The Business Portal

Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services).[need quotation to verify] Simply put, it is "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. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner. (Full article...)

Selected article

An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. It is a clearly written account of political economy at the dawn of the Industrial Revolution, and is widely considered to be the first modern work in the field of economics. The work is also the first comprehensive defense of free market policies. It is broken down into five books between two volumes. The Wealth of Nations was written for the average educated individual of the 18th century rather than for specialists and mathematicians. There are three main concepts that Smith expands upon in this work that form the foundation of free market economics: The Division of Labor, The Pursuit of Self Interest, and The Freedom of Trade.

The Wealth of Nations was published in 1776, during the Age of Enlightenment. It influenced not only authors and economists, but governments and organisations. For example, Alexander Hamilton was influenced in part by The Wealth of Nations to write his Report on Manufactures, in which he argued against many of Smith's policies. Interestingly, Hamilton based much of this report on the ideas of Jean-Baptiste Colbert, and it was, in part, to Colbert's ideas that Smith wished to respond with The Wealth of Nations. Many other authors were influenced by the book and used it as a starting point in their own work, including Jean-Baptiste Say, David Ricardo, Thomas Malthus and, later, Karl Marx and Ludwig von Mises. The Russian national poet Aleksandr Pushkin refers to The Wealth of Nations in his 1833 verse-novel Eugene Onegin.

Irrespective of historical influence, however, The Wealth of Nations represented a clear leap forward in the field of economics, similar to Sir Isaac Newton's Principia Mathematica for physics or Antoine Lavoisier's Traité Élémentaire de Chimie for chemistry. The Wealth of Nations is also important in a Scottish linguistic context on account of the fact the book is written in English and not in Scots Language, a somewhat rare occurrence for the time.

Smith addresses in The Wealth of Nations a problem that was torturing the best economic minds of his day. This problem was rooted in the means by which objects are valued. The two predominant theories of value in Smith's time were the so-called "Practical Theory of Value" and the labor theory of value, as delineated later by David Ricardo.

Selected image

1933 double eagle coin
Photo credit: User:293.xx.xxx.xx

The 1933 double eagle is a United States 20-dollar gold coin. Although 445,500 specimens of this Saint-Gaudens double eagle were minted in 1933 none were ever officially circulated and all but two were melted down. Supposedly, 20 found their way into the hands of collectors, but 19 of these were subsequently seized or voluntarily turned in to the Secret Service, who destroyed nine of them, making this one of the world's rarest coins. Five are still missing out of the 20.

Selected quote

"At Toyota, we began to think about how to install an autonomic nervous system in our own rapidly growing business organization. In our production plant, an autonomic nerve means making judgments autonomously at the lowest possible level; for example, when to stop production, what sequence to follow in making parts, or when overtime is necessary to produce the required amount.

These discussions can be made by factory workers themselves, without having to consult the production control or engineering departments that correspond to the brain in the human body. The plant should be a place where such judgments can be made by workers autonomously.

In Toyota's case, I believe this autonomic nervous system grew as the idea of just-in-time penetrated broadly and deeply into the production field, and as adherence to the rules increased through the use of kanban. As I thought about the business organization and the autonomic nerves in the human body, the concept began to interconnect, overlap, and stir my imagination."

Taiichi Ohno, Toyota Production System, English edition of 1988

Topics

General images

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

Related WikiProjects

Business news

Wikinews Economy and business portal Wikinews logo

On this day in Business history...

May 9:

Did you know

  • ...that the melting and export of cents and nickels can be punished with a fine of up to $10,000 and/or imprisoned for a maximum of five years?
  • ... 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.

Subcategories

Related portals


Things you can do

Urgent and important articles are bold


Here are some tasks awaiting attention:

Wikimedia

The following Wikimedia Foundation sister projects provide more on this subject:

Wikibooks
Books

Commons
Media

Wikinews 
News

Wikiquote 
Quotations

Wikisource 
Texts

Wikiversity
Learning resources

Wiktionary 
Definitions

Wikidata 
Database

Portals

Purge cache