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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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William Barley (1565?–1614) was an English bookseller and publisher. He completed an apprenticeship as a draper in 1587, but was soon working in the London book trade. As a freeman of the Drapers' Company, he was embroiled in a dispute between it and the Stationers' Company over the rights of drapers to function as publishers and booksellers. He found himself in legal tangles throughout his life.

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The Financial Tower in Ho Chi Minh City.

Photo credit: Genghiskhanviet

Bitexco Financial Tower is a skyscraper in Ho Chi Minh City, Vietnam, owned by Bitexco Group, a Vietnamese company. With 68 floors above ground and three basements, the building has a height of 262.5 metres (861 ft), making it the 124th tallest building in the world. The tower was made by the French company AREP and architects J.M. Duthilleul, E. Tricaud and Carlos Zapata. World renowned Ecuadorian architect Carlos Zapata, who was behind Bitexco Financial Tower, drew inspiration for this skyscraper’s unique shape from Vietnam’s national flower, the Lotus. The tower was the tallest building in Vietnam from 2010 to early 2011 when Keangnam Hanoi Landmark Tower topped out on 24 January 2011. The tower was officially inaugurated on October 31, 2010.

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Belize City

The economy of Belize is a small, essentially private enterprise economy that is based primarily on agriculture, tourism, and services. The cultivation of newly discovered oil in the town of Spanish Lookout has presented new prospects and problems for this developing nation. Belize's primary exports are citrus, sugar, and bananas. Belize's trade deficit has been growing, mostly as a result of low export prices for sugar and bananas.

The new government faces important challenges to economic stability. Rapid action to improve tax collection has been promised, but a lack of progress in reining in spending could bring the exchange rate under pressure. The Belize dollar is fixed to the U.S. dollar at a rate of 2:1. (Full article...)

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"What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom. If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry employed in a way in which we have some advantage. The general industry of the country, being always in proportion to the capital which employs it, will not thereby be diminished, no more than that of the above-mentioned artificers; but only left to find out the way in which it can be employed with the greatest advantage. It is certainly not employed to the greatest advantage when it is thus directed towards an object which it can buy cheaper than it can make. The value of its annual produce is certainly more or less diminished when it is thus turned away from producing commodities evidently of more value than the commodity which it is directed to produce. According to the supposition, that commodity could be purchased from foreign countries cheaper than it can be made at home. It could, therefore, have been purchased with a part only of the commodities, or, what is the same thing, with a part only of the price of the commodities, which the industry employed by an equal capital would have produced at home, had it been left to follow its natural course. The industry of the country, therefore, is thus turned away from a more to a less advantageous employment, and the exchangeable value of its annual produce, instead of being increased, according to the intention of the lawgiver, must necessarily be diminished by every such regulation."

—Adam Smith, The Wealth of Nations, 1776

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

... that Harvard Business School professor Lauren Cohen is a powerlifting champion?
... that Celine-Marie Pascale's work focuses on how race and class impact the way "business practices and government policies create, normalize and entrench economic struggles" to benefit the wealthy?
... that Harry Steele purchased the Albatross Hotel in a bankruptcy sale and ultimately owned it for over half a century until his death?
... that despite little formal education, Earnest Andersson was a successful inventor, businessman, amateur athlete, race car driver, pilot, photographer, radio operator, pro golfer, and composer?
... that the first batch of Action Computer Enterprise's Discovery 1600, one of the first multi-user microcomputers, was delivered to a tobacco-growing business in Thailand?
... that according to Jimmy Carter, "more of [Georgia's] business was probably conducted in the Henry Grady than in the state capitol"?

On this day in business history

May 8:

1947 - Harry Gordon Selfridge, American-English businessman, founder of Selfridges, died on this day.

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General images

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

Image 1Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 2Lindley 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 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 4Chart 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 5"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 61/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 7Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 8Offices in the Los Angeles Downtown Financial District (from Business)
Image 9Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 10Time required to start a business in 2017 (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)

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More did you know

...that Luca Pacioli, codified the double-entry bookkeeping system in his mathematics textbook Summa de arithmetica, geometria, proportioni et proportionalità published in Venice in 1494?

...that, as of August 2008, more than 113 countries around the world, including all of Europe, required or permitted IFRS reporting and 85 required IFRS reporting for all domestic, listed companies?

...that IFRS financial statements consist of a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a Statement of Cash Flows and a Notes to the Financial Statements?

...that in the circular flow model, the inter-dependent entities of producer and consumer are referred to as "firms" and "households" respectively and provide each other with factors in order to facilitate the flow of income?

...that Wassily Leontief was the first to use a matrix representation of a national economy, in his input-output model?

...that the balance of payments of a country is the record of all economic transactions between the residents of a country and the rest of the world in a particular period?