Portal:Business and economics
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 νέμω [nemo], or "distribution, allocation", hence meaning "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 cover at least two main branches:
There are also other sub-fields of economics. In economics, the field economic systems studies and analyzes the organizing of production, distribution, consumption and investment, as well as 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 systems, such as ownership structure (public, private or collective), economic coordination (planning, markets or mixed systems), 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. Economic policy comprises the actions that governments take in the economic field. It covers the systems for setting interest rates and the 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. 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 and directing, and controlling an organization or initiative to accomplish a goal. Management is also an academic discipline, and is traditionally taught at business schools. Selected article The Han dynasty (206 BC – 220 AD) of ancient China experienced contrasting periods of economic prosperity and decline. It is normally divided into three periods: Western Han (206 BC – 9 AD), the Xin dynasty (9–23 AD), and Eastern Han (25–220 AD). The Xin regime, established by the former regent Wang Mang, formed a brief interregnum between lengthy periods of Han rule. Following the fall of Wang Mang, the Han capital was moved eastward from Chang'an to Luoyang. In consequence, historians have named the succeeding eras Western Han and Eastern Han respectively. Selected picture
Selected economy The United States of America is the world's largest single national economy. The United States' nominal GDP was estimated to be $17.295 trillion as of Q2 2014, approximately a quarter of nominal global GDP. Its GDP at purchasing power parity is also the largest of any single country in the world, approximately a fifth of the global total. The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency. Several countries use it as their official currency, and in many others it is the de facto currency. Its six largest trading partners are Canada, China, Mexico, Japan, Germany, and Italy. Selected quote"WHEN CONFRONTED WITH a problem, have you ever stopped and asked why five times? It is difficult to do even though it sounds easy. For example, suppose a machine stopped functioning: 1.Why did the machine stop? There was an overload and the fuse blew. 2.Why was there an overload? The bearing was not sufficiently lubricated. 3.Why was it not lubricated sufficiently? The lubrication pump was not pumping sufficiently. 4.Why was it not pumping sufficiently? The shaft of the pump was worn and rattling. 5.Why was the shaft worn out? There was no strainer attached and metal scrap got in. Repeating why five times, like this, can help uncover the root problem and correct it. If this procedure were not carried through, one might simply replace the fuse or the pump shaft. In that case, the problem would recur within a few months. To tell the truth, the Toyota production system has been built on the practice and evolution of this scientific approach. By asking why five times and answering it each time, we can get to the real cause of the problem, which is often hidden behind more obvious symptoms."
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On this day in Business history...
- 1874 - Anton Philips, a Dutch businessman, co-founder of Philips Electronics, was born on this day.
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"?
- ... that David Ricardo formulated the principle of comparative advantage in his "On the Principles of Political Economy and Taxation" book?
- ... that the Heckscher–Ohlin model was developed by Bertil Ohlin in 1933?
- ... that Paul Krugman introduced returns to scale to the field of international trade, now referred to as new trade theory?
- ... that the term lean manufacturing was coined in the book The Machine that Changed the World?
- ... that the Nobel Memorial Prize in Economic Sciences was not created by the will of Alfred Nobel?
- ... that the Federal Reserve System was created in the aftermath of the panic of 1907?
- ... that Manufacturing resource planning was developed at IBM?
