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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 is viewed as basic elements within economies, 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 economies as systems 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. It also seeks to analyse and describe the global economy. (Full article...)

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Norwich Market (also known as Norwich Provision Market) is an outdoor market consisting of around 200 stalls in central Norwich, England. Founded in the latter part of the 11th century to supply Norman merchants and settlers moving to the area following the Norman conquest of England, it replaced an earlier market a short distance away. It has been in operation on the present site for over 900 years.

By the 14th century, Norwich was one of the largest and most prosperous cities in England, and Norwich Market was a major trading hub. Control of, and income from, the market was ceded by the monarchy to the city of Norwich in 1341, from which time it provided a significant source of income for the local council. Freed from royal control, the market was reorganised to benefit the city as much as possible. Norwich and the surrounding region were devastated by plague and famine in the latter half of the 14th century, with the population falling by over 50%. Following the plague years, Norwich came under the control of local merchants and the economy was rebuilt. In the early 15th century, a Guildhall was built next to the market to serve as a centre for local government and law enforcement. The largest surviving mediaeval civic building in Britain outside London, it remained the seat of local government until 1938 and in use as a law court until 1985.

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Ford Motor car assembly line: the classical example of a manufacturing production system.

Photo credit: Genghiskhanviet

Operations management is an area of management concerned with overseeing, designing, and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed, and effective in terms of meeting customer requirements. It is concerned with managing the process that converts inputs (in the forms of raw materials, labor, and energy) into outputs (in the form of goods and/or services). The relationship of operations management to senior management in commercial contexts can be compared to the relationship of line officers to highest-level senior officers in military science. The highest-level officers shape the strategy and revise it over time, while the line officers make tactical decisions in support of carrying out the strategy. In business as in military affairs, the boundaries between levels are not always distinct; tactical information dynamically informs strategy, and individual people often move between roles over time.

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The Greater Tokyo Area has the largest gross metropolitan product in Asia.

The economy of Asia comprises about 4.7 billion people (60% of the world population) living in 50 different nations.0 Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. Moreover, Asia is the site of some of the world's longest modern economic booms.

As in all world regions, the wealth of Asia differs widely between, and within, states. This is due to its vast size, meaning a huge range of different cultures, environments, historical ties and government systems. The largest economies in Asia in terms of PPP gross domestic product (GDP) are China, India, Japan, Indonesia, Turkey, South Korea, Saudi Arabia, Iran, Thailand, and Pakistan, Bangladesh and in terms of nominal gross domestic product (GDP) are Japan,Taiwan, South Korea, China, India, Indonesia, Saudi Arabia, Turkey, Bangladesh, Thailand and Iran. (Full article...)

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"So it was Mother the psychologist and Dad the motion study man and general contractor, who decided to look into the new field of the psychology of management, and the old field of psychologically managing a houseful of children. They believed that what would work in the home would work in the factory, and what would work in the factory would work in the home."

—Frank Bunker Gilbreth, Jr. and Ernestine Gilbreth Carey, Cheaper by the Dozen, 1948

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

... that New Zealand politician Hamish Campbell is a cancer researcher and runs a flower-delivery business?
... that Peachtree Arcade, a shopping arcade in the U.S. state of Georgia, was conceived after a local businessman visited the Cleveland Arcade?
... that environmental economist V. Kerry Smith has been described as a "Renaissance Man of Economics"?
... that according to witnesses, the plutonium charge in the bomb used in the nuclear weapons test Gerboise Verte was transported in an economy car?
... that Ruffian Games co-developed Kinect games to stay in business after the release of Crackdown 2?
... that the creator of Comic Sans also designed a levitating man in a business suit?

On this day in business history

July 21:

1903 - Roy Neuberger, an American businessman and financier, co-founder of Neuberger Berman, was born on this day.

General images

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

Image 1Time required to start a business in 2017 (from Business)
Image 2In 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 3Lindley 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 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 5Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 6Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 7Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 8"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 9Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)
Image 10Offices in the Los Angeles Downtown Financial District (from Business)
Image 111/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 12McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 13Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)

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More did you know

...that William McChesney Martin, Jr. (pictured) was the longest-serving Chairman of the Federal Reserve serving from April 2, 1951 to January 31, 1970?

...that eleven of the twenty-nine winners of the John Bates Clark Medal, a biannual award given out by the American Economic Association, have gone on to later win the Nobel Prize in Economics?

...that Ingvar Kamprad, founder of the home furnishing retail chain store IKEA, drew some controversy in 1994 when it was revealed that Kamprad had joined Swedish fascist activist Per Engdahl's pro-Nazi group in 1942?

...that, according to historical legend, Laissez-faire stems from a meeting in about 1681 between the powerful French finance minister Jean-Baptiste Colbert and a group of French businessmen led by a certain M. Le Gendre?

...that Ransom E. Olds used the assembly line system to produce automobiles in 1901 before Henry Ford?

...that Antoine Augustin Cournot derived the first formula for the rule of supply and demand as a function of price and in fact was the first to draw supply and demand curves on a graph in his Researches on the Mathematical Principles of the Theory of Wealth?

...that the Toyota Production System (TPS) developed by Toyota, that comprises its management philosophy and practices, organizes manufacturing and logistics for the automobile manufacturer, including interaction with suppliers and customers?