Portal:Business and economics

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The business and economics portal

The New York Stock Exchange floor

In the social sciences, economics is the study of human choice behavior and the methodology used to make associated investment and production decisions; in particular, though not limited to, how those choices and decisions determine the allocation of scarce resources and their effect on production, distribution, and consumption. The word "economics" is from the Greek words οἶκος [oikos], meaning "family, household, estate", and νέμω [nemo], or "distribution, allocation", hence meaning "household management" or "management of the state". An economist is a person using economic concepts and data in the course of employment, or someone who has earned a university degree in the subject. Economics undergraduate courses cover at least two main branches:

  • Microeconomics studies the behavior of individual households and firms in making decisions on the allocation of limited resources. Microeconomics applies to markets where goods or services are bought, and sold. It examines how decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.
  • Macroeconomics studies inflation, price levels, rate of growth, national income, gross domestic product and changes in unemployment of a company, rather than the more specific details that microeconomics studies.

There are also other sub-fields of economics.

In economics, economic systems study and analyze the organizing of production, distribution, consumption and investment. As well as, the study of optimal resource allocation and institutional design. Traditionally, the study of economic systems was based on a dichotomy , or set, between market economies and planned economies, but contemporary studies compare and contrast a number of different variables, such as ownership structure (Public, Private or Collective), economic coordination (planning, markets or mixed), management structure (Hierarchy versus adhocracy), the incentive system, and the level of centralization in decision-making. An economy can be analyzed in terms of its economic sectors, the classic breakdown being into primary, secondary and tertiary. A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange of other goods, services, or money. Businesses may also be not-for-profit or state-owned. Management in business and organizations is the function that coordinates the efforts of people to accomplish goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization or initiative to accomplish a goal. Management is also an academic discipline, and is traditionally taught at business schools. Economic policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and government budget as well as the labor market regulations, national ownership, trade policy, monetary policy, fiscal policy, regulatory policy, anti-trust policy and industrial policy. In economics, sustainable development refers to development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Selected article

Seacology is a nonprofit 501(c)(3) charitable organization headquartered in Berkeley, California that focuses on preserving island ecosystems and cultures around the world. Founded in 1991, it began with the work of ethnobotanist Paul Alan Cox, who researched tropical plants and their medicinal value in the village of Falealupo in Samoa during the mid-1980s. When the villagers were pressured into selling logging rights to their rainforest in 1988 to build a new school, Cox and his wife offered to help secure funds for the new school in return for an agreement with the villagers to protect their forest. With the help of his friends and family, Cox secured the funds within six months, later earning him and the village chief, Fuiono Senio, the Goldman Environmental Prize for their efforts. Word spread throughout the islands, and with increasing demand for similar projects, Cox, along with Bill Marré and Ken Murdock, decided to form Seacology and expand their work internationally.


Selected picture

Roman soldiers building a fortress, Trajan's Column, 113 AD
Photo credit: Genghiskhanviet

Project management is the process and activity of planning, organizing, motivating, and controlling resources, procedures and protocols to achieve specific goals in scientific or daily problems. A project is a temporary endeavor designed to produce a unique product, service or result with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value. The temporary nature of projects stands in contrast with business as usual (or operations), which are repetitive, permanent, or semi-permanent functional activities to produce products or services. In practice, the management of these two systems is often quite different, and as such requires the development of distinct technical skills and management strategies.)

Selected economy

Ohio quarter, reverse side, 2002.jpg

The economy of Ohio nominally would be the 25th largest global economy behind Sweden and ahead of Nigeria according to the 2013 World Bank projections, and the 24th largest global economy behind Sweden and ahead of Norway according to the 2013 International Monetary Fund projections. The state had a projected GDP of $526.1 billion in 2013, up from 517.1 in 2012, and up from 501.3 in 2011, according to the Bureau of Economic Analysis. In 2013, Ohio was ranked in the top ten states for best business climate by Site Selection magazine, based on a business-activity database. The state was edged out only by Texas and Nebraska for the 2013 Governor's Cup award from the magazine, based on business growth and economic development. A new report by the Quantitative Economics and Statistics Practices (QUEST) of Ernst & Young in conjunction with the Council On State Taxation (COST), ranks Ohio as third in the nation for friendliest tax environment.


Selected quote

"When I joined the conference, I was quite at sea as to what its outcome would be and frankly skeptical as to its prospects of success. During the first days sessions, Senator Aldrich was much inclined to discuss the possibilities of a full-fledged central bank on the European order-a model he seemed loath to abandon. But when the conference closed, after a week of earnest deliberation, the rough draft of what later became the Aldrich Bill had been agreed upon, and a plan had been outlined which provided for a "National Reserve Association", meaning a central reserve organization with an elastic note issue based on gold and commercial paper. This was not a central bank in the European sense. It was strictly a bankers' bank with branches under the control of separate directorates having superversion over the rediscount operations with member banks."

"In its main principles and in many important details the Aldrich Bill was closely akin to the plan proposed in the "United Reserve Bank of the United States," but there were quite a number of differences, with some of which I was in complete disagreement. For example, in regard to the question of control, I thought that somewhat large concessions should have been made to government influence and representation. Neither was I in full accord with the provisions regarding taxation, note issue, the uniform discount rate, the plan proposed for dealing with the 2 per cent government bonds, or the conditions attaching to the membership of state banks and trust companies. Moreover, the Senator had not yet agreed to a provision, which seemed to me of fundamental importance, that of giving the notes of the National Reserve Association the status of lawful reserve money when in the tills of member banks. The bill frankly followed the Republican doctrine of "keeping the government out of business;" but, as a starter, it was encouraging beyond all expectation. Indeed, the highest hopes seemed warranted that a most satisfactory piece of legislation could eventually be developed from it.

The results of the conference were entirely confidential. Even the fact that there had been a meeting was not permitted to become public."

Paul M. Warburg, The Federal Reserve System, 1930

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11:31, 09 September, 2017 (UTC)
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On this day in Business history...

Did you know...

  • ...that dismal science is a derogatory alternative name for economics coined by the Victorian historian Thomas Carlyle in the 19th century to draw a contrast with the then-familiar use of the phrase "gay science"?
  • ...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 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?

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