The Business and Economics Portal![]() 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." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company such as a corporation or cooperative. Colloquially, the terms are used interchangeably. (Full article...) Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) is a 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 analyses what is 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 analyses the economy as a system where production, distribution, consumption, savings, and investment expenditure interact, and factors affecting it: factors of production, such as labour, capital, land, and enterprise, inflation, economic growth, and public policies that have impact on these elements. (Full article...) Selected articleThe 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 image
Selected economyThe economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, and is pegged to the US dollar. Interest rates are determined by the individual banks in Hong Kong to ensure that they are market driven. There is no officially recognised central banking system, although the Hong Kong Monetary Authority functions as a financial regulatory authority. Its economy is governed under positive non-interventionism, and is highly dependent on international trade and finance. For this reason it is regarded as among the most favorable places to start a company. In fact, a recent study shows that Hong Kong has come from 998 registered start-ups in 2014 to over 2800 in 2018, with eCommerce (22%), Fintech (12%), Software (12%) and Advertising (11%) companies comprising the majority. The Economic Freedom of the World Index lists Hong Kong as the second freest territory, with a score of 8.55 based on data from 2021. (Full article...) Selected quote"I will build a car for the great multitude. It will be large enough for the family, but small enough for the individual to run and care for. It will be constructed of the best materials, by the best men to be hired, after the simplest designs that modern engineering can devise. But it will be so low in price that no man making a good salary will be unable to own one — and enjoy with his family the blessing of hours of pleasure in God's great open spaces."
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