Portal:Business
The Business and Economics Portal 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...) Selected article The Panic of 1907 was a financial crisis that occurred in the United States when its stock market fell close to 50 percent from its peak the previous year. Primary causes of the run included a retraction of market liquidity by a number of New York City banks, a loss of confidence among depositors, and the absence of a statutory lender of last resort. The crisis occurred after the failure of an attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs which later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company—New York City's third-largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew reserves from New York City banks. The panic would have deepened if not for the intervention of financier J.P. Morgan, who pledged large sums of his own money, and convinced other New York bankers to do the same, to shore up the banking system. By November the contagion had largely ended. The following year, Senator Nelson W. Aldrich established and chaired a commission to investigate the crisis and propose future solutions, leading to the creation of the Federal Reserve System. Selected image
Selected economy} The economy of Ghana has a diverse and rich resource base, including the manufacturing and exportation of digital technology goods, automotive and ship construction and exportation, and the exportation of diverse and rich resources such as hydrocarbons and industrial minerals. The Ghanaian domestic economy in 2012 revolved around services, which accounted for 50% of GDP and employed 28% of the work force. Besides the industrialization associated with minerals and oil, industrial development in Ghana remains basic, often associated with plastics (such as chairs, plastic bags, razors, and pens). 53.6% of Ghana's workforce were employed in agriculture in 2013.[outdated statistic] (Full article...) Selected quoteThe consumers at any economic levels but the highest few have only a limited amount to spend. All kinds of products are offered to them in various enticing ways. Competition as a result is keen and ruthless. The only way an industrial unit can hope to survive under these conditions is constantly to seek to keep production costs as low as possible. Not many years ago, when cost reductions were necessary for one reason or another, they were obtained by reducing wages. The possibilities of obtaining cost reductions by increasing the production of the workers were not at the time generally recognized. Recently, however, there has been a marked change. The employer has come to realize that the worker is also a consumer and that, if wages are reduced, purchasing power is reduced. Therefore, a better way toward cost reduction lies in waste elimination so that greater production is secured with less effort. Methods engineering is primarily concerned with devising methods that increase production and reduce costs. Hence, it plays an important role in determining the competitive position of a plant. As competition appears to be becoming keener, it is probable that methods engineering will become increasingly important. Methods engineering in an industrial unit can never be considered as completed. Costs that are satisfactory and competitive today become excessive in a comparatively short time because of the improved developments of other units of the industry. If the producer who is in a good competitive position today decides that his costs have reached rock bottom and that no further attempt to improve them is necessary, within a short while he is likely to find himself facing loss of his commercial standing as owner of an efficiently managed plant. Only by constantly seeking to improve can any unit safeguard its competitive position. Conditions in industry are never static, and steady progress is the only sure way to success.
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