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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'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 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...)

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The Cross of Gold speech was delivered by William Jennings Bryan, a former congressman from Nebraska, at the Democratic National Convention in Chicago on July 9, 1896. In the address, Bryan supported bimetallism or "free silver", which he believed would bring the nation prosperity. He decried the gold standard, concluding the speech, "you shall not crucify mankind upon a cross of gold". Bryan's address helped catapult him to the Democratic Party's presidential nomination; it is considered one of the greatest political speeches in American history. For twenty years, Americans had been bitterly divided over the nation's monetary standard. Many Americans believed bimetallism (making both gold and silver legal tender) was necessary to the nation's economic health. Bryan's speech, delivered at the close of the debate on the party platform, electrified the convention and is generally credited with getting him the nomination for president. However, he lost the general election to William McKinley and the United States formally adopted the gold standard in 1900.

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Photo credit: Caciss

Seaborne piracy has been affecting trade since the 13th century BC. Seaborne piracy against transport vessels remains a significant issue, with estimated worldwide losses of US $13 to $16 billion per year.

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Metro Manila, the economic center of the Philippines

The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.

The Philippine economy is transitioning from one based on agriculture to one based more on services and manufacturing. It has experienced significant economic growth and transformation in recent years. With an average annual growth rate of around 6 percent since 2010, the country has emerged as one of the fastest-growing economies in the world. The Philippines is a founding member of the United Nations, Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, East Asia Summit and the World Trade Organization. The Asian Development Bank (ADB) is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila.

The country's primary exports include semiconductors and electronic products, transport equipments, garments, chemical products, copper, nickel, abaca, coconut oil, and fruits. Its major trading partners include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. (Full article...)

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"From the supermarket we got the idea of viewing the earlier process in a production line as a kind of store. The later process (customer) goes to the earlier process (supermarket) to acquire the required parts (commodities) at the time and in the quantity needed. The earlier process immediately produces the quantity just taken (restocking the shelves). We hoped that this would help us approach our just-in-time goal and, in 1953, we actually applied the system in our machine shop at the main plant.

In the 1950s, American-style supermarkets appeared in Japan, bringing the object of our research even closer. And when in America in 1956, I finally fulfilled my desire to visit a supermarket firsthand."

—Taiichi Ohno, Toyota Production System, English edition of 1988

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Did you know (auto-generated) - load new batch

... that Gerald Willis, after working as a bus driver at age 15, started a business that earned $2 million per year and built a replica of the Hermitage after watching The President's Lady?
... that Stan Lee modeled Tony Stark after 20th-century business magnate Howard Hughes?
... that the developer of Citizen Sleeper was inspired by the feeling of people coming together and their own experiences as a non-binary person struggling to make ends meet through the gig economy?
... that women- and minority-owned businesses built the Frequent Express high-capacity bus line in Portland, Oregon?
... that Jay Owen Light aspired to be an astronaut before becoming the dean of Harvard Business School?
... that Dolly Johnson, who had once been a slave of 17th U.S. president Andrew Johnson, opened her own bakery business in 1881?

On this day in business history

May 24:

1984 - Vince McMahon, Sr., an American wrestling promoter and businessman, founder of WWE, died on this day.

General images

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

Image 1Offices in the Los Angeles Downtown Financial District (from Business)
Image 2Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 3"Jack and the Giant Joint-Stock", a cartoon in Town Talk (1858) satirizing the 'monster' joint-stock economy that came into being after the Joint Stock Companies Act 1844 (from Corporation)
Image 4Chart of the South Sea Company's stock prices. The rapid inflation of the stock value in the 1710s led to the Bubble Act 1720, which restricted the establishment of companies without a royal charter. (from Corporation)
Image 5Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 6In 2012, Ambassador-at-Large for Global Women's Issues Melanne Verveer greets participants in an African Women's Entrepreneurship Program at the State Department in Washington, D.C. (from Entrepreneurship)
Image 7McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 8Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 91/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 10Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)
Image 11Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 12Lindley LJ was the leading expert on partnerships and company law in the Salomon v. Salomon & Co. case. The landmark case confirmed the distinct corporate identity of the company. (from Corporation)
Image 13Time required to start a business in 2017 (from Business)

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More did you know

...that in the United States of America the largest reserve requirement for commercial banks is 10% of liabilities?

...that the United States Federal Reserve System uses six monetary aggregates as components of the money supply?

...that an open market operation is an activity by a central bank to buy or sell government bonds on the open market?

...that, although nominal USA national debt has been steadily increasing since 1940, Debt-to-GDP ratio was actually higher during WWII than it is now?

... that the United States debt ceiling has been steadily raised since 1981?

... the Federal Reserve owns the largest share of the USA national debt?

...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?