Portal:Business and economics

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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 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 other sub-fields of economics.

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. 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.

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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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European Central Bank headquarters in Frankfurt, Germany
Photo credit: Dontworry

The European Central Bank (ECB) is one of the world's most important central banks, responsible for monetary policy covering the 15 member countries of the Eurozone. It was established by the European Union (EU) in 1998 with its headquarters in Frankfurt, Germany.

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US county household median income 2009.png

The United States of America is the world's largest single national economy. The United States' nominal GDP was estimated to be $17.295 trillion as of Q2 2014, approximately a quarter of nominal global GDP. Its GDP at purchasing power parity is also the largest of any single country in the world, approximately a fifth of the global total. The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency. Several countries use it as their official currency, and in many others it is the de facto currency. Its six largest trading partners are Canada, China, Mexico, Japan, Germany, and Italy.

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"This paper presents a critique of expected utility theory as a descriptive model of decision making under risk, and develops an alternative model, called prospect theory. Choices among risky prospects exhibit several pervasive effects that are inconsistent with the basic tenets of utility theory. In particular, people underweight outcomes that are merely probable in comparison with outcomes that are obtained with certainty. This tendency, called the certainty effect, contributes to risk aversion in choices involving sure gains and to risk seeking in choices involving sure losses. In addition, people generally discard components that are shared by all prospects under consideration. This tendency, called the isolation effect, leads to inconsistent preferences when the same choice is presented in different forms."

Daniel Kahneman and Amos Tversky, Prospect theory: An Analysis of Decision under Risk, 1979
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01:31, 03 June, 2015 (UTC)
5,076.52 Decrease 6.40 Decrease 0.13%
2,109.60 Decrease 2.13 Decrease 0.10%
15,104.74 Increase 30.61 Increase 0.20%
44,931.48 Increase 171.38 Increase 0.38%
54,236.43 Increase 1,205.11 Increase 2.27%
6,928.27 Decrease 25.31 Decrease 0.36%
11,328.80 Decrease 107.25 Decrease 0.94%
5,004.46 Decrease 20.84 Decrease 0.41%
9,204.09 Decrease 63.35 Decrease 0.68%
486.50 Decrease 5.75 Decrease 1.17%
3,689.59 Decrease 10.84 Decrease 0.29%
23,576.16 Increase 140.49 Increase 0.60%
11,271.40 Increase 33.30 Increase 0.30%
5,606.20 Decrease 33.70 Decrease 0.60%
20,455.28 Decrease 87.91 Decrease 0.43%
27,466.72 Steady Steady %
4,908.12 Decrease 2.41 Decrease 0.05%

On this day in Business history...

June 30:

Did you know...

  • ...that Valrhona, a company based in the small town of Tain l'Hermitage in the Rhône Valley in France, is one of the world's leading manufacturers of high-quality chocolate?
  • ... 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.
  • ... that Hollywood accounting is the practice of distributing the profit earned by a large project to corporate entities which, though distinct from the one responsible for the project itself, are typically owned by the same people, with the net result of reducing the project's profit by a substantial margin, sometimes even eliminating it altogether.

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