Portal:Business

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Introduction

Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services).[need quotation to verify] Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors."

Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner.

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Tulipomania.jpg

Tulip mania or tulipomania (Dutch names include: tulpenmanie, tulpomanie, tulpenwoede, tulpengekte and bollengekte) was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then suddenly collapsed.

At the peak of tulip mania, in March 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsman. It is generally considered the first recorded speculative bubble (or economic bubble), although some researchers have noted that the Kipper- und Wipperzeit episode in 1619–22, a Europe-wide chain of debasement of the metal content of coins to fund warfare, featured mania-like similarities to a bubble. The term "tulip mania" is now often used metaphorically to refer to any large economic bubble (when asset prices deviate from intrinsic values).

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ROBOCRANE® PROJECT Large Scale Manufacturing using Cable Control
Photo credit: Genghiskhanviet

Manufacturing is the production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale. Such finished goods may be used for manufacturing other, more complex products, such as aircraft, household appliances or automobiles, or sold to wholesalers, who in turn sell them to retailers, who then sell them to end users – the "consumers".

Selected economy

Victoria Falls or Mosi-oa-Tunya (the Smoke that Thunders), is situated on the norther border of Zimbabwe with Zambia
...The Economy of Zimbabwe faces a variety of economic problems after having abandoned earlier efforts to develop a market-oriented economy. Problems include a shortage of foreign exchange, soaring inflation, and supply shortages. Zimbabwe's involvement from 1998 to 2002 in the war in the Democratic Republic of the Congo drained hundreds of millions of dollars from the economy.

Mineral exports, agriculture, and tourism are the main foreign currency earners of Zimbabwe. Zimbabwe is the biggest trading partner of South Africa south of the equator. Since land redistribution began, agricultural exports, especially tobacco, have declined sharply. The Zimbabwe Conservation Task Force released a report in June 2007, estimating 60% of Zimbabwe's wildlife has died since 2000. The report warns that the loss of life combined with widespread deforestation may negatively impact the tourist industry. The downward spiral of the economy has been attributed mainly to mismanagement and corruption of the Mugabe regime and the eviction of more than 4,000 white farmers in the controversial land redistribution of 2000.

Inflation rose from an annual rate of 32% in 1998 to an official estimated high of 7,634.8% in August 2007. The IMF predicted inflation will reach 6,430% by the end of 2008. Estimates from private sector economists estimate inflation at about four times the official figures. On June 21, 2007 the U.S. ambassador to Zimbabwe, Christopher Dell, told The Guardian newspaper that inflation could reach 1.5 million per cent (1,500,000%) by the end of the year. The current unofficial inflation rate is above 11,000% and the black-market exchange rate is Z$400,000 to the pound.On July 13, 2007 the Zimbabwe government said it had temporarily stopped publishing (official) inflation figures, a move that observers said was meant to draw attention away from runaway inflation which has come to symbolize the country's unprecedented economic meltdown.

In August 2006 a new revalued Zimbabwean dollar was introduced, equal to 1000 old Zimbabwean dollars. The exchange rate fell from 24 old Zimbabwean dollars per U.S. dollar (USD) in 1998 to 250,000 old or 250 new Zimbabwean dollars per USD at the official rate.

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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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  • ... that at the time of her completion in 1918, American cargo ship West Lianga held the distinction of being both the fastest-launched and the fastest-constructed ocean-going ship in the world?

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