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The Business and Economics Portal 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:
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. Selected articleRichard Cantillon (1680s – May 1734) was an Irish-French economist and author of Essai sur la Nature du Commerce en Général (Essay on the Nature of Trade in General), a book considered by William Stanley Jevons to be the "cradle of political economy". Although little information exists on Cantillon's life, it is known that he became a successful banker and merchant at an early age. His success was largely derived from the political and business connections he made through his family and through an early employer, James Brydges. During the late 1710s and early 1720s, Cantillon speculated in, and later helped fund, John Law's Mississippi Company, from which he acquired great wealth. However, his success came at a cost to his debtors, who pursued him with lawsuits, criminal charges, and even murder plots until his death in 1734. Selected picture
Selected economy 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. Selected quote"There used to be a lot of advice given to officials not to hide behind their titles. The very necessity for the advice showed a condition that needed more than advice to correct it. And the correction is just this—abolish the titles. A few may be legally necessary; a few may be useful in directing the public how to do business with the concern, but for the rest the best rule is simple: "Get rid of them." As a matter of fact, the record of business in general just now is such as to detract very much from the value of titles. No one would boast of being president of a bankrupt bank. Business on the whole has not been so skillfully steered as to leave much margin for pride in the steersmen. The men who bear titles now and are worth anything are forgetting their titles and are down in the foundation of business looking for the weak spots. They are back again in the places from which they rose—trying to reconstruct from the bottom up. And when a man is really at work, he needs no title. His work honours him. All of our people come into the factory or the offices through the employment departments. As I have said, we do not hire experts—neither do we hire men on past experiences or for any position other than the lowest. Since we do not take a man on his past history, we do not refuse him because of his past history. I never met a man who was thoroughly bad. There is always some good in him—if he gets a chance. That is the reason we do not care in the least about a man's antecedents—we do not hire a man's history, we hire the man. If he has been in jail, that is no reason to say that he will be in jail again. I think, on the contrary, he is, if given a chance, very likely to make a special effort to keep out of jail. Our employment office does not bar a man for anything he has previously done—he is equally acceptable whether he has been in Sing Sing or at Harvard and we do not even inquire from which place he has graduated. All that he needs is the desire to work. If he does not desire to work, it is very unlikely that he will apply for a position, for it is pretty well understood that a man in the Ford plant works."
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| 20:46, 23 August, 2015 (UTC) | |||
| 4,706.04 |  171.45 |
3.52% |
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| 1,970.89 | 64.84 |
3.19% |
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| 13,473.67 | 263.33 |
1.92% |
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| 42,163.82 | 872.77 |
2.03% |
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| 6,187.65 | 180.24 |
2.83% |
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| 10,124.52 | 307.67 |
2.95% |
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| 4,630.99 | 152.56 |
3.19% |
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| 8,798.57 | 306.14 |
3.36% |
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| 442.87 | 16.30 |
3.55% |
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| 3,437.23 | 106.79 |
3.01% |
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| 10,271.70 | 315.30 |
2.98% |
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| 5,224.81 |  |
% |
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| 19,435.83 | 597.69 |
2.98% |
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| 22,409.62 | 347.85 |
1.53% |
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| 3,509.98 | 154.31 |
4.21% |
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On this day in Business history...
Did you know...
- ...that Luca Pacioli, codified the double-entry bookkeeping system in his mathematics textbook Summa de arithmetica, geometria, proportioni et proportionalità published in Venice in 1494?
- ...that, as of August 2008, more than 113 countries around the world, including all of Europe, required or permitted IFRS reporting and 85 required IFRS reporting for all domestic, listed companies?
- ...that IFRS financial statements consist of a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a Statement of Cash Flows and a Notes to the Financial Statements?
- ...that, unlike the accounting systems that help in the preparation of financial reports periodically, the cost accounting systems and reports are not subject to rules and standards like the Generally Accepted Accounting Principles?
- ...that in the circular flow model, the inter-dependent entities of producer and consumer are referred to as "firms" and "households" respectively and provide each other with factors in order to facilitate the flow of income?
- ...that Wassily Leontief was the first to use a matrix representation of a national economy, in his input-output model?
- ...that the balance of payments of a country is the record of all economic transactions between the residents of a country and the rest of the world in a particular period?
- ...that the existence of property rights, besides being a fundamental item in many legal systems, constitutes also the fundamental presupposition for the mathematical validity of both the accounting equation (financial statements) and the equality of gross value added and net output (national accounts)?
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