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Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit."

A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

A distinction is made in law and public offices between the term business and a company such as a corporation or cooperative. Colloquially, the terms are used interchangeably. (Full article...)

Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) is a social science that studies the production, distribution, and consumption of goods and services.

Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses the economy as a system where production, distribution, consumption, savings, and investment expenditure interact, and factors affecting it: factors of production, such as labour, capital, land, and enterprise, inflation, economic growth, and public policies that have impact on these elements. (Full article...)

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The economy of the Iroquois (also known as Haudenosaunee) historically was based on communal production and combined elements of both horticulture and hunter-gatherer systems. The tribes of the Iroquois Confederacy and other Northern Iroquoian-speaking peoples, including the Huron, had their traditional territory in what is now New York State and the southern areas bordering the Great Lakes.

The Iroquois peoples were predominantly agricultural, harvesting the "Three Sisters" commonly grown by Native American groups: maize, beans, and squash. They developed certain cultural customs. Among these developments were ideas concerning the nature and management of property. The Iroquois developed a system very different from the now-dominant Western variety. This system was characterized by such components as common ownership of land, division of labor by gender, and trade mostly based on gift economy.

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An auctioneer and her assistants scan the crowd for bidders.

Photo credit: Indianhilbilly

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

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São Paulo, the financial capital of Brazil

The economy of Brazil is historically the largest in Latin America and the Southern Hemisphere in nominal terms. The Brazilian economy is the second largest in the Americas. It is an upper-middle income developing mixed economy. In 2024, according to International Monetary Fund (IMF), Brazil has the 8th largest gross domestic product (GDP) in the world and has the 8th largest purchasing power parity in the world. In 2024, according to Forbes, Brazil was the 7th largest country in the world by number of billionaires. According to International Monetary Fund (IMF), Brazilian nominal GDP was US$2.331 trillion, the country has a long history of being among the largest economies in the world and the GDP per capita was US$11,178 per inhabitant.

The country is rich in natural resources. From 2000 to 2012, Brazil was one of the fastest-growing major economies in the world, with an average annual GDP growth rate of over 5%. Its GDP surpassed that of the United Kingdom in 2012, temporarily making Brazil the world's sixth-largest economy. However, Brazil's economic growth decelerated in 2013 and the country entered a recession in 2014. The economy started to recover in 2017, with a 1% growth in the first quarter, followed by a 0.3% growth in second quarter compared to the same period of the previous year. It officially exited the recession. (Full article...)

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"From the supermarket we got the idea of viewing the earlier process in a production line as a kind of store. The later process (customer) goes to the earlier process (supermarket) to acquire the required parts (commodities) at the time and in the quantity needed. The earlier process immediately produces the quantity just taken (restocking the shelves). We hoped that this would help us approach our just-in-time goal and, in 1953, we actually applied the system in our machine shop at the main plant.

In the 1950s, American-style supermarkets appeared in Japan, bringing the object of our research even closer. And when in America in 1956, I finally fulfilled my desire to visit a supermarket firsthand."

—Taiichi Ohno, Toyota Production System, English edition of 1988

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Did you know (auto-generated) - load new batch

... that Ruffian Games co-developed Kinect games to stay in business after the release of Crackdown 2?
... that in 1990, Simon Rimmer bought an existing vegetarian restaurant with his business partner and taught himself to cook – in that order?
... that the developer of Citizen Sleeper was inspired by the feeling of people coming together and their own experiences as a non-binary person struggling to make ends meet through the gig economy?
... that topics on Recess Therapy have included the economy, climate change, and peeing your pants?
... that John Blackinger quit his job as the general manager of a professional football team to work in the dairy business?
... that German economist Ingo Böbel became Professor of Economics at International University of Monaco after serving a prison sentence for embezzlement and tax evasion?

On this day in business history

June 2:

1761 - Jonas Alströmer, a pioneer of agriculture and industry in Sweden, died on this day.

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General images

The following are images from various business-related articles on Wikipedia.

Image 1Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 2Lindley LJ was the leading expert on partnerships and company law in the Salomon v. Salomon & Co. case. The landmark case confirmed the distinct corporate identity of the company. (from Corporation)
Image 3Offices in the Los Angeles Downtown Financial District (from Business)
Image 4Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)
Image 5Chart of the South Sea Company's stock prices. The rapid inflation of the stock value in the 1710s led to the Bubble Act 1720, which restricted the establishment of companies without a royal charter. (from Corporation)
Image 6Time required to start a business in 2017 (from Business)
Image 71/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 8"Jack and the Giant Joint-Stock", a cartoon in Town Talk (1858) satirizing the 'monster' joint-stock economy that came into being after the Joint Stock Companies Act 1844 (from Corporation)
Image 9Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 10Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 11McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 12Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 13In 2012, Ambassador-at-Large for Global Women's Issues Melanne Verveer greets participants in an African Women's Entrepreneurship Program at the State Department in Washington, D.C. (from Entrepreneurship)

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More did you know

...that Robert Solow, a Nobel Laureate American economist, was awarded the National Medal of Science in 1989 for "his creation of the modern framework for analyzing the effects of investment and technological progress on economic growth"?