Portal:Business

  (Redirected from Portal:Business and economics)

The Business Portal

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

Finn Michael Westby Caspersen, Sr. (October 27, 1941 – September 7, 2009) was an American financier and philanthropist. A graduate of Brown University and Harvard Law School, he followed his father, Olaus Caspersen, a Norwegian immigrant to the United States, as chairman and chief executive of Beneficial Corporation, one of the largest consumer finance companies in the United States. After an $8.6 billion acquisition of Beneficial by Household International in 1998, Caspersen ran Knickerbocker Management, a private financial firm overseeing the assets of trusts and foundations.

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 quote

The differential rate system of piece-work consists briefly, in offering two different rates for the same job, a high price per piece in case the work is finished in the shortest possible time and in perfect condition, and a low price if it takes a longer time to do the job, of if there are any imperfections in the work. (The high rate should be such that the workman can earn more per day than is usually paid in similar establishments.) This is directly the opposite of the ordinary plan of piece-work in which the wages of the workmen are reduced when they increase their productivity.

Frederick Winslow Taylor, Piece-Rate System, 1896

Topics

General images

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

Related WikiProjects

Business news

Wikinews Economy and business portal Wikinews logo

On this day in Business history...

September 24:

Did you know

  • ...that the melting and export of cents and nickels can be punished with a fine of up to $10,000 and/or imprisoned for a maximum of five years?
  • ... that the GDP deflator (implicit price deflator for GDP) is a price index measuring changes in prices of all new, domestically produced, final goods and services in an economy.

Subcategories

Related portals


Things you can do

Urgent and important articles are bold


Here are some tasks awaiting attention:

Wikimedia

The following Wikimedia Foundation sister projects provide more on this subject:

Wikibooks
Books

Commons
Media

Wikinews 
News

Wikiquote 
Quotations

Wikisource 
Texts

Wikiversity
Learning resources

Wiktionary 
Definitions

Wikidata 
Database

Portals