Portal:Business and economics

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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 determine prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.
  • Macroeconomics studies inflation, price levels, rates of growth, national income, gross domestic product and changes in unemployment of a country, rather than the more specific details that microeconomics studies.

There are also other sub-fields of economics.

In economics, the field economic systems studies and analyzes the organizing of production, distribution, consumption and investment, as well as optimal resource allocation and institutional design. Traditionally, the study of economic systems was based on a dichotomy between market economies and planned economies, but contemporary studies compare and contrast a number of different systems, such as ownership structure (public, private or collective), economic coordination (planning, markets or mixed systems), 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.

Economic policy comprises the actions that governments take in the economic field. It covers the systems for setting interest rates and the 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.

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 and directing, and controlling an organization or initiative to accomplish a goal. Management is also an academic discipline, and is traditionally taught at business schools.

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Crop diversification was carried out, phasing out rubber in favour of oil palms

The Second Malaysia Plan was an economic development plan set out by the government of Malaysia, with the goal of implementing the aims of the New Economic Policy. It aimed to "restructure" Malaysian society and overturn Chinese Malaysian and foreign hegemony in the economy of Malaysia so that the Malays would not be disadvantaged economically. Although the First Malaysia Plan had also set out to tackle the problem of poverty, especially among the Malays, it had not been very successful, and may have been a factor in the May 13 Incident when racial rioting broke out in Kuala Lumpur. The Second Malaysia Plan was regarded by some as excessive in its zeal to increase Malay participation in the economy, and the government accordingly scaled back the emphasis on restructuring the economy when the plan ended.

Selected picture

Main Market Square, Kraków, Poland.
Photo credit: Genghiskhanviet

The market square (or sometimes, the market place) is a feature of many European and colonial towns, it is an open area where market stalls are traditionally set out for trading, commonly on one particular day of the week known as market day.

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.

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"There are rumors that the Austrian army is obliged to retire a little; that the Spanish squadron is gone to South America; that the English have excited a rebellion there; and some others equally unauthenticated. I do not mention them in my letter to Mr.Jay, because they are unauthenticated, the bankruptcies in London have re-commenced with new force. There is no saying where this fire will end, perhaps in the conflagration of all their paper. If not now, it must erelong, with only twenty millions of coin, and three or four hundred millions of circulating paper, public and private, nothing is necessary but a general panic, produced either by failures, invasion, or any other cause, and the whole visionary fabric vanishes into air, and shows that paper is poverty, that it is only the ghost of money, and not money itself. One hundred years ago, they had twenty odd millions of coin, since that they brought in from Holland by borrowing forty millions more, yet they have but twenty millions left, and they talk of being rich, and having the balance of trade in favor."

Thomas Jefferson, Letter to Colonel Carrington, 27 May 1788

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11:31, 09 September, 2017 (UTC)
6,360.19 Decrease 37.68 Decrease 0.59%
2,461.43 Decrease 3.67 Decrease 0.15%
14,985.32 Decrease 39.21 Decrease 0.26%
50,083.80 Decrease 165.32 Decrease 0.33%
7,377.60 Decrease 19.38 Decrease 0.26%
12,303.98 Increase 7.35 Increase 0.06%
5,113.49 Decrease 1.13 Decrease 0.02%
8,912.05 Increase 5.39 Increase 0.06%
518.82 Steady 0.01 Steady 0.00%
3,938.24 Increase 16.30 Increase 0.42%
10,129.60 Increase 4.70 Increase 0.05%
2,343.72 Decrease 2.47 Decrease 0.11%
27,668.47 Increase 145.55 Increase 0.53%
5,739.45 Decrease 14.37 Decrease 0.25%
3364 Steady 1.00 Steady 0.00%

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