The Business Portal
Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply put, it is "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. 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 by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner. (Full article...)
Bribery around the world is estimated at about $1 trillion (£494bn). The burden of corruption falls disproportionately on the bottom billion people living in extreme poverty who cannot afford to pay and who thus receive sub-standard treatment from officials.
"Instead, this 'loss out of nowhere' is hidden in the detail that economists lose by treating infinitesimally small quantities as zeros. If perfectly competitive firms were to produce where marginal cost equals price, then they would be producing part of their output past the point at which marginal revenue equals marginal cost. They would therefore make a loss on these additional units of output.
As I argued above, the demand curve for a single firm cannot be horizontal-it must slope downwards, because if it doesn't, then the market demand curve has to be horizontal. Therefore, marginal revenue will be less than price for the individual firm. However, by arguing that an infinitesimal segment of the market demand is effectively horizontal, economists have treated this loss as zero. Summing zero losses over all firms means zero losses in the aggregate. But this is not consistent with their vision of the output and price levels of the perfectly competitive industry.
The higher level of output must mean losses are incurred by the industry, relative to the profit-maximizing level chosen by monopoly. Losses at the market level must mean losses at the individual firm level- yet these are presumed to be zero by economic analysis, because it erroneously assumes that the perfectly competitive firm faces a horizontal demand curve."
- —Steve Keen, Debunking Economics, 2011
The following are images from various business-related articles on Wikipedia.
A vegetable seller in a rural Sri Lankan village
"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.
Dell Women's Entrepreneur Network event in New York City
Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010.
Time required to start a business in 2017
Apple co-founder and longtime leader Steve Jobs (pictured in 2010) led the introduction of many innovations in the computer, smartphone and digital music industries
Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton, was a European entrepreneur who helped design the first modern car
In 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.
A bond issued by the Dutch East India Company (VOC), dating from 1623, for the amount of 2,400 florins
On this day in Business history...
Did you know
- ... that at the time of her completion in 1918, American cargo ship West Lianga held the distinction of being both the fastest-launched and the fastest-constructed ocean-going ship in the world?
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