Portal:Business and economics

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The Business and Economics Portal

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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 νόμος [nomos], or "custom, law", and hence literally means "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 always cover at least the 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 determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.
  • Macroeconomics deals with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies.

However, there are also other sub-fields of economics.

In economics, economic systems is the study and analysis of organizing production, distribution, consumption and investment and the study of 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 variables, such as ownership structure (Public, Private or Collective), economic coordination (planning, markets or mixed), 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. 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 or directing, and controlling an organization or initiative to accomplish a goal. Management is also an academic discipline, and is traditionally taught at business schools. Economic policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and 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.

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Seacology is a nonprofit 501(c)(3) charitable organization headquartered in Berkeley, California that focuses on preserving island ecosystems and cultures around the world. Founded in 1991, it began with the work of ethnobotanist Paul Alan Cox, who researched tropical plants and their medicinal value in the village of Falealupo in Samoa during the mid-1980s. When the villagers were pressured into selling logging rights to their rainforest in 1988 to build a new school, Cox and his wife offered to help secure funds for the new school in return for an agreement with the villagers to protect their forest. With the help of his friends and family, Cox secured the funds within six months, later earning him and the village chief, Fuiono Senio, the Goldman Environmental Prize for their efforts. Word spread throughout the islands, and with increasing demand for similar projects, Cox, along with Bill Marré and Ken Murdock, decided to form Seacology and expand their work internationally.

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A vintage travel gear seller at Marché Dauphine, Saint-Ouen, the home to Paris' flea market

A flea market (or swap meet) is a type of bazaar that rents space to people who want to sell or barter merchandise. Used goods, low quality items, and high quality items at low prices are commonplace.

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North Tehran Towers.jpg

The economy of Iran is a mixed and transition economy with a large public sector. Some 60% of the economy is centrally planned. It is dominated by oil and gas production, although over 40 industries are directly involved in the Tehran Stock Exchange, one of the best performing exchanges in the world over the past decade. With 10% of the world's proven oil reserves and 15% of its gas reserves, Iran is considered an "energy superpower".

It is the world's eighteenth largest by purchasing power parity (PPP) and thirty-second by nominal gross domestic product. The country is a member of Next Eleven because of its high development potential.

A unique feature of Iran's economy is the presence of large religious foundations called Bonyad, whose combined budgets represent more than 30% of central government spending.

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The attempt which extreme radicals all over the world are making to get control of both the political and business systems on the theory that they would make the industrial and business system serve the community, is a real danger so long as our present system does not accomplish that end; and this danger is real irrespective of the fact that they have as yet nowhere proved their case.

Is it possible to make our present system accomplish this end! If so, there is no excuse for such a change as they advocate, for the great industrial and business system on which our modem civilization depends is essentially sound at bottom, having grown up because of the service it rendered. Not until it realized the enormous power it had acquired through making itself indispensable to the community did it go astray by making the community serve it. It then ceased to render service democratically, but demanded autocratically that its will be done. It made tools and weapons of cities, states, and empires. Then came the great catastrophe.

In order to resume our advance toward the development of an unconquerable democratic civilization, we must purge our economic system of all autocratic practices of whatever kind, and return to the democratic principle of rendering service, which was the basis of its wonderful growth.

Unless within a short time we can accomplish this result, there is apparently nothing to prevent our following Europe into the economic confusion and welter which seem to threaten the very existence of its civilization.

Henry Gantt, Organizing for Work, 1919
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On this day in Business history...

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  • ...the term petrodollars was coined by Ibrahim Oweiss to describe dollars that did not circulate inside the United States, and therefore were not part of the normal money supply, and instead were received by petroleum exporting countries (OPEC) in exchange for oil?

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