Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). 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.
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).
ROBOCRANE® PROJECT Large Scale Manufacturing using Cable Control
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".
"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
Things you can do
Urgent and important articles are bold
Here are some tasks awaiting attention:
- Article requests : Abstract Fees, IFRS for small and medium entities, more...
- Assess : assess these pages
- Cleanup : Agricultural productivity, Bank fraud, Billpoint, Economic nationalism, Ethical implications in contracts, Financial adviser, Futures exchange, Gulf rupee, Pricing, Self insurance, Serfdom, Space elevator economics, Valuation, more...
- Disambiguation : cleanup links to dab pages
- Expand : Tom Basso, Clintonomics, Toby Crabel, Diversification (finance), Economy of Brazil, European Cooperative Society, Heavy industry, Larry Hite, Insourcing, Paul Tudor Jones, Planning Commission, Linda Bradford Raschke, Sales pitch, Singapore television channels, David Tepper, Monroe Trout, Tan Yu
- Infobox : add to business articles needing infoboxes
- Maintain : Portal:Business and economics
- Merge : Business Analysis, Corporate performance management, Economic growth, Excess reserves, Liberian Companies, National Association of Insurance Commissioners, Permanent war economy, more...
- NPOV : Economic interventionism, Energy economics, Rage Software Limited, more...
- Photo : add to requested photographs of business & economic topics and requested photographs of business and economics people
- Stubs : Bioeconomics, Debt compliance, Double auction, Kitchen sink regression, Single-entry accounting system, War economy, Workforce, more...
- Verify : add sources to Unreferenced BLPs
- Wikify : Economy of GDR, Investment specific technological progress, Marketization, Mediobanca, more...
- Other : Projects - Accounting, Business, Companies, Cooperatives, Deletion sorting, Economics, Finance & Investment, Game theory, International development, Numismatics, Private Equity, Retailing, Shopping Centers, Taxation, Trade, more...
On this day in Business history...
Did you know
- ... 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?