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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 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 analyses the economy as a system 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. (Full article...)

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The Oliver Typewriter Company was an American typewriter manufacturer headquartered in Chicago, Illinois. The Oliver Typewriter was the first effective "visible print" typewriter, meaning text was visible to the typist as it was entered. Oliver typewriters were marketed heavily for home use, utilizing local distributors and sales on credit. Oliver produced more than one million machines between 1895 and 1928 and licensed its designs to several international firms.

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Photo credit: Erina

This diagram illustrates how to draw a euro symbol, based on official documentation, and has been prepared specifically for Wikipedia and released to the public domain. ADF and BCDE intersect at D. BCDE, GH, and IJ are parallel. BCDE intersects centerline at C.

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The Greater São Paulo has the largest gross metropolitan product in South America.

The economy of South America comprises approximately 434 million people living in the 12 sovereign states and three dependent territories of South America, which encompasses 6 percent of the world's population. South America ranks fifth in terms of nominal GDP by continent, behind North America and after Oceania.

South America has two major trade blocks: Mercosur and the Andean Community. Brazil is the largest economy in South America in terms of Nominal GDP, it has a vast and diverse economic landscape encompassing agriculture, manufacturing, services, and natural resources. Due to Brazil's major economy, it has a large influence over its neighbors, and even globally. Argentina which is South America's second largest economy, boasts a rich history of industrialization and a well-developed agricultural sector. Despite economic challenges and very high inflation, Argentina uses its abundant natural resources and skilled workforce to drive economic growth and innovation. Together, Brazil and Argentina serve as economic powerhouses and as such, are major influences to surrounding countries. Uruguay stands out as it boasts the highest GDP per capita in the region. Renowned for its stable political environment, strong social welfare system, and diversified economy, Uruguay has consistently ranked among the top nations in terms of human development and standard of living. Uruguay has a large agriculture sector and has made previous strategic investments in technology and innovation, Uruguay's economy thrives on both domestic consumption and international trade. Guyana ranks second which is attributed to its oil and gas sector. (Full article...)

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"This paper presents a critique of expected utility theory as a descriptive model of decision making under risk, and develops an alternative model, called prospect theory. Choices among risky prospects exhibit several pervasive effects that are inconsistent with the basic tenets of utility theory. In particular, people underweight outcomes that are merely probable in comparison with outcomes that are obtained with certainty. This tendency, called the certainty effect, contributes to risk aversion in choices involving sure gains and to risk seeking in choices involving sure losses. In addition, people generally discard components that are shared by all prospects under consideration. This tendency, called the isolation effect, leads to inconsistent preferences when the same choice is presented in different forms."

—Daniel Kahneman and Amos Tversky, Prospect theory: An Analysis of Decision under Risk, 1979

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... that German economist Ingo Böbel became Professor of Economics at International University of Monaco after serving a prison sentence for embezzlement and tax evasion?
... that Peachtree Arcade, a shopping arcade in the U.S. state of Georgia, was conceived after a local businessman visited the Cleveland Arcade?
... that according to Jimmy Carter, "more of [Georgia's] business was probably conducted in the Henry Grady than in the state capitol"?
... that Indian philanthropist and business executive T. Mohandas Pai has been called the "architect of modern Manipal"?
... that Dolly Johnson, who had once been a slave of 17th U.S. president Andrew Johnson, opened her own bakery business in 1881?
... that American lumber businessman and politician John Barber White funded a scholarship at Williams College in memory of his son?

On this day in business history

June 10:

2012 - Sudono Salim, Chinese-Indonesian businessman, founder of Bank Central Asia, died on this day.

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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 2Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 3In 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 4"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 5Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)
Image 6Chart 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 71/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 8Lindley 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 9Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 10Offices in the Los Angeles Downtown Financial District (from Business)
Image 11McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 12Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 13Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)

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More did you know

...that former Harvard University president Lawrence Summers served as the World Bank Chief Economist from 1991 to 1993?

...that André Meyer quit school at age 16 to work as a messenger boy, and was later described as "the most creative financial genius of our time in the investment banking world" by David Rockefeller?

...that Valrhona, a company based in the small town of Tain l'Hermitage in the Rhône Valley in France, is one of the world's leading manufacturers of high-quality chocolate?

...that it is estimated that more than 85 percent of all business information exists as unstructured data, commonly appearing in e-mails, memos, reports, letters, presentations and Web pages?

... that the Automotive Electronics Council is an organisation based in the USA that sets qualification standards for the supply of components in the automotive electronics industry.

... that Hollywood accounting is the practice of distributing the profit earned by a large project to corporate entities which, though distinct from the one responsible for the project itself, are typically owned by the same people, with the net result of reducing the project's profit by a substantial margin, sometimes even eliminating it altogether.