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The time required to start a business is the number of calendar days needed to complete the procedures to legally operate a business. This chart is from 2017 statistics.

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."

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. 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.

The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, such as a corporation or cooperative. (Full article...)

Economics (/ˌɛkəˈnɒmɪks, ˌkə-/) 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 analyzes 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 analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. (Full article...)

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Cracker Barrel Old Country Store, Inc. is an American chain of combined restaurant and gift stores with a Southern country theme. The company was founded by Dan Evins in 1969; its first store was in Lebanon, Tennessee, which remains the company headquarters. The chain's stores were at first positioned near Interstate highway exits in the Southeastern and Midwestern US, but it has expanded across the country during the 1990s and 2000s. As of September 18, 2012, the chain operates 630 stores in 42 states.

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The tax collector's office by Pieter Brueghel the Younger, 1640
Photo credit: Genghiskhanviet

A tax (from the Latin taxo; "rate") is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay, or evasion of or resistance to collection, is punishable by law. Taxes are also imposed by many administrative divisions. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent.

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Paris, the largest metropolis in the EU

The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the second largest economy in the world in nominal terms, after the United States and the third one in purchasing power parity (PPP) terms, after China and the United States. The European Union's GDP estimated to be around $18.35 trillion (nominal) in 2023 representing around one sixth of the global economy. Germany has by far the biggest national GDP of all EU countries, followed by France and Italy.

The euro is the second largest reserve currency and the second most traded currency in the world after the United States dollar. The euro is used by 20 of its 27 members, overall, it is the official currency in 26 countries, in the eurozone and in six other European countries, officially or de facto. (Full article...)

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"In all of the fields where individual products have even the slightest element of uniqueness, competition bears but faint resemblance to the pure competition of a highly organized market for a homogeneous product. Consider, for instance, the competitive analysis as applied to the automobile industry. How is one to conceive of demand and supply curves for "automobiles in general" when, owing to variations in quality, design, and type, the prices of individual units range from several hundred to many thousand of dollars? How define the number of units which would be taken from or put upon the market at any particular price? How fit into the analysis a wide variety of costs based mostly upon a correspondingly wide variety of product? These difficulties are great; perhaps they are not insurmountable. The real one is neither of definition nor of interpretation, and cannot be surmounted. Competitive theory does not fit because competition between through the group is only partial and is highly uneven. The competition between sport roadsters and ten-ton trucks must be virtually zero; and there is probably more justification for drawing up a joint demand schedule for Fords and house room than for Fords and Locomobiles. These are, perhaps, extreme cases, but the fact that each producer through the group has a market at a least partially distinct from those of the others introduces forces, absent under pure competition, which materially alter the result. Prices throughout are adjusted in some measure according to the monopoly principle. Furthermore, advertising and selling outlays are invited by the fact that the market of each seller is limited, whereas the very nature of a purely competitive market precludes a selling problem. The theory of pure competition, in explaining the adjustment of economic forces in such an industry, is a complete misfit.

Because most prices involve monopoly elements, it is monopolistic competition that most people think of in connection with the simple word "competition". In fact, it may almost be said that under pure competition the buyers and sellers do not really compete in the sense in which the word is currently used. One never hears of "competition" in connection with the great markets, and the phrases "price cutting", "underselling", "unfair competition", "meeting competition", "securing a market", etc., are unknown. No wonder the principles of such a market seem so unreal when applied to the "business" world where these terms have meaning. They are based on the supposition that each seller accepts the market price and can dispose of his entire supply without materially affecting it. Thus there is no problem of choosing a price policy, no problem of adapting the product more exactly to the buyers (real or fancied) wants. The theory of pure competition could hardly be expected to fit facts so far different from its assumptions. But there is no reason why a theory of value cannot be formulated which will fit them - a theory concerning itself specifically with goods which are not homogeneous. This is the purpose of the later chapters of this book. We turn first to the theory of pure competition."

Edward Chamberlin, The Theory of Monopolistic Competition, 1933


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