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.

Selected article

The FairTax is a proposal to reform the federal tax code of the United States. It would replace all federal income taxes (including the alternative minimum tax, corporate income taxes, and capital gains taxes), payroll taxes (including Social Security and Medicare taxes), gift taxes, and estate taxes with a single broad national consumption tax on retail sales. The Fair Tax Act would apply a tax, once, at the point of purchase on all new goods and services for personal consumption. The proposal also calls for a monthly payment to all family households of lawful U.S. residents as an advance rebate, or "prebate", of tax on purchases up to the poverty level.

Selected image

Ford Motor car assembly line: the classical example of a manufacturing production system.
Photo credit: Genghiskhanviet

Operations management is an area of management concerned with overseeing, designing, and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed, and effective in terms of meeting customer requirements. It is concerned with managing the process that converts inputs (in the forms of raw materials, labor, and energy) into outputs (in the form of goods and/or services). The relationship of operations management to senior management in commercial contexts can be compared to the relationship of line officers to highest-level senior officers in military science. The highest-level officers shape the strategy and revise it over time, while the line officers make tactical decisions in support of carrying out the strategy. In business as in military affairs, the boundaries between levels are not always distinct; tactical information dynamically informs strategy, and individual people often move between roles over time.

Selected economy

The chart displays the make up of Irish GDP
...The economy of the Republic of Ireland is modern, relatively small, and trade-dependent with growth averaging a robust 10% in 19952000 (a more modest growth of 4.9% in 2005 est.). Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 46% of GDP, about 80% of exports, and employs 29% of the labour force. Although exports remain the primary engine for the Republic's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Inflation stands at 2.3% as of 2005, but this is only a recent recovery from rates of between 4% and 5%. House price inflation has been a particular economic concern (average house price was €255,776 in February 2005 [1]) as well as service charges (utilities, insurance, healthcare, legal representation, etc.). Dublin, the nation's capital, was ranked 22nd in a worldwide cost of living survey in 2004 [2] - a rise of two places on 2003. Ireland has been reported to be the Second richest country in the EU (if not Europe) next to Luxembourg.
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"When I joined the conference, I was quite at sea as to what its outcome would be and frankly skeptical as to its prospects of success. During the first days sessions, Senator Aldrich was much inclined to discuss the possibilities of a full-fledged central bank on the European order-a model he seemed loath to abandon. But when the conference closed, after a week of earnest deliberation, the rough draft of what later became the Aldrich Bill had been agreed upon, and a plan had been outlined which provided for a "National Reserve Association", meaning a central reserve organization with an elastic note issue based on gold and commercial paper. This was not a central bank in the European sense. It was strictly a bankers' bank with branches under the control of separate directorates having superversion over the rediscount operations with member banks."

"In its main principles and in many important details the Aldrich Bill was closely akin to the plan proposed in the "United Reserve Bank of the United States," but there were quite a number of differences, with some of which I was in complete disagreement. For example, in regard to the question of control, I thought that somewhat large concessions should have been made to government influence and representation. Neither was I in full accord with the provisions regarding taxation, note issue, the uniform discount rate, the plan proposed for dealing with the 2 per cent government bonds, or the conditions attaching to the membership of state banks and trust companies. Moreover, the Senator had not yet agreed to a provision, which seemed to me of fundamental importance, that of giving the notes of the National Reserve Association the status of lawful reserve money when in the tills of member banks. The bill frankly followed the Republican doctrine of "keeping the government out of business;" but, as a starter, it was encouraging beyond all expectation. Indeed, the highest hopes seemed warranted that a most satisfactory piece of legislation could eventually be developed from it.

The results of the conference were entirely confidential. Even the fact that there had been a meeting was not permitted to become public."

Paul M. Warburg, The Federal Reserve System, 1930

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