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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'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 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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Carucage was a medieval English land tax introduced by King Richard I in 1194, based on the size—variously calculated—of the estate owned by the taxpayer. It was a replacement for the danegeld, last imposed in 1162, which had become difficult to collect because of an increasing number of exemptions. Carucage was levied just six times: by Richard in 1194 and 1198; John, his brother and successor, in 1200; and John's son, Henry III, in 1217, 1220, and 1224, after which it was replaced by taxes on income and personal property.

Carucage was an attempt to secure new sources of revenue in order to supplement and increase royal income in a time when new demands were being made on royal finances. Although derived from the older danegeld, carucage was an experiment in revenue collection, but it was only levied for specific purposes, rather than as a regularly assessed tax. Also new was the fact later collections were imposed with the consent of the barons. However, the main flow of royal income was from other sources, and carucage was not collected again after 1224.

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Barter is a system of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is distinguishable from gift economies in many ways; one of them is that the reciprocal exchange is immediate and not delayed in time. It is usually bilateral, but may be multilateral (i.e., mediated through barter organizations) and usually exists parallel to monetary systems in most developed countries, though to a very limited extent. Barter usually replaces money as the method of exchange in times of monetary crisis, such as when the currency may be either unstable (e.g., hyperinflation or deflationary spiral) or simply unavailable for conducting commerce.

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Tripoli, financial capital of Libya

The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.

After 2000, Libya recorded favorable growth rates with an estimated 10.6% growth of GDP in 2010. This development was interrupted by the Libyan Civil War, which resulted in contraction of the economy by 62.1% in 2011. After the war, the economy rebounded by 104.5% in 2012. It crashed again following the Second Libyan Civil War. As of 2017, Libya's per capita PPP GDP stands at 60% of its pre-war level. (Full article...)

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"Human wants and desires are countless in number and very various in kind: but they are generally limited and capable of being satisfied. The uncivilized man indeed has not many more than the brute animal; but every step in his progress upwards increases the variety of his needs together with the variety in his methods of satisfying them. He desires not merely larger quantities of the things he has been accustomed to consume, but better qualities of those things; he desires a greater choice of things, and things that will satisfy new wants growing up in him.

Thus though the brute and the savage alike have their preferences for choice morsels, neither of them cares much for variety for its own sake. As, however, man rises in civilization, as his mind becomes developed, and even his animal passions begin to associate themselves with mental activities, his wants become rapidly more subtle and more various; and in the minor details of life he begins to desire change for the sake of change, long before he has consciously escaped from the yoke of custom. The first great step in this direction comes with the art of making a fire: gradually he gets to accustom himself to many different kinds of food and drink cooked in many different ways; and before long monotony begins to become irksome to him, and he finds it a great hardship when accident compels him to live for a long time exclusively on one or two kinds of food."

—Alfred Marshall, Principles of Economics, 1890

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Did you know (auto-generated) - load new batch

... that the Stony Brook Railroad was in business from 1845 to 2022, but never owned a single locomotive or ran a single train?
... that Stan Lee modeled Tony Stark after 20th-century business magnate Howard Hughes?
... that Eleanor Hadley, a 29-year-old doctoral candidate in economics, was recruited by the Supreme Commander for the Allied Powers to implement antitrust policies in occupied Japan?
... that Bahraini businesswoman Yara Salman founded a beauty salon, a medical center, an entertainment complex, and a restaurant in the past decade?
... that Dolly Johnson, who had once been a slave of 17th U.S. president Andrew Johnson, opened her own bakery business in 1881?
... that East Lake Square, a failed shopping mall in Tampa, Florida, was converted into a business park known as NetPark Tampa Bay in 1999?

On this day in business history

May 22:

1928 - T. Boone Pickens, an American business magnate and financier, was born on this day.

More on this day

General images

The following are images from various business-related articles on Wikipedia.

Image 1Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 2In 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 3Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)
Image 4Offices in the Los Angeles Downtown Financial District (from Business)
Image 5Lindley 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 61/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 7Chart 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 8"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 9Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 10Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 11McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 12Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 13Time required to start a business in 2017 (from Business)

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...that EID Parry is one of the oldest business entities in the Indian subcontinent and owes its origin to Thomas Parry, a Welshman who came to India in late 1780s?

... that an agrarian society is one that is based on agriculture as its prime means for support and sustenance?

... that the expression Hindu rate of growth is used to refer to the low annual growth rate of the economy of India, which stagnated around 3.5% from 1950 to 1980?

...that Massachusetts Institute of Technology professor Daron Acemoğlu received the 2005 John Bates Clark Medal for his work on Skill Acquisition and Technological Change, Investment and Growth, Directed Search and Unemployment, The Role of Institutions in Economic Development and Political Economy?

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