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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 within economies, 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 economies as systems where production, distribution, consumption, savings, and investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy. (Full article...)

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Panavision is an American motion picture equipment company specializing in cameras and lenses, based in Woodland Hills, California. Formed by Robert Gottschalk as a small partnership to create anamorphic projection lenses during the widescreen boom in the 1950s, Panavision expanded its product lines to meet the demands of modern filmmakers. The company introduced its first products in 1954. Originally a provider of CinemaScope accessories, the company's line of anamorphic widescreen lenses soon became the industry leader. In 1972, Panavision helped revolutionize filmmaking with the lightweight Panaflex 35 mm movie camera. The company has introduced other groundbreaking cameras such as the Millennium XL (1999) and the digital video Genesis (2004).

Panavision operates exclusively as a rental facility—the company owns its entire inventory, unlike most of its competitors.

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John D. Rockefeller as an industrial emperor, 1901 cartoon from Puck magazine.

Photo credit: Dontworry

John D. Rockefeller was an American industrialist and philanthropist and founder of Standard Oil. This cartoon from Puck magazine satirizes Rockefeller as an industrial emperor.

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Reykjavík

The economy of Iceland is small and subject to high volatility. In 2011, gross domestic product was US$12 billion, but by 2018 it had increased to a nominal GDP of US$27 billion. With a population of 387,000, this is $55,000 per capita, based on purchasing power parity (PPP) estimates. The 2008–2011 Icelandic financial crisis produced a decline in GDP and employment, which has since been reversed entirely by a recovery aided by a tourism boom starting in 2010. Tourism accounted for more than 10% of Iceland's GDP in 2017. After a period of robust growth, Iceland's economy slowed down according to an economic outlook for the years 2018–2020 published by Arion Research in April of 2018.

Iceland has a mixed economy with high levels of free trade and government intervention. However, government consumption is less than other Nordic countries. Hydro-power is the primary source of home and industrial electrical supply in Iceland. (Full article...)

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"On the economic front we have been warned by major independent institutions — the IMF, the OECD, the World Trade Organization, the Institute for Fiscal Studies and the Bank of England — that the UK economy would suffer if it left the EU. The OECD believes that GDP in the UK could be more than 3 per cent lower as a result. It believes that the UK’s economic dynamism and productivity will suffer and that the net effect on living standards will be strongly negative. It goes so far as to estimate that by 2030 UK GDP could be more than 5 per cent lower than if exit had not occurred."

—Jacob Rothschild, All the evidence shows that Brexit would be a disaster, The Times, 2016

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... that small-business leaders such as Guillermo Torrez sympathized with the Movement for Socialism despite its anti-capitalist rhetoric?
... that Dolly Johnson, who had once been a slave of 17th U.S. president Andrew Johnson, opened her own bakery business in 1881?
... that food was left to rot outside after the supermarket Supie went out of business?
... that the economy of Tolkien's Middle-earth has been described as a mix of feudalism and capitalism, with one scholar even suggesting it had communist elements?
... that developmental economist Michael Lipton showed that poor farmers were more resource efficient than rich farmers?
... that American lumber businessman and politician John Barber White funded a scholarship at Williams College in memory of his son?

On this day in business history

April 29:

1938 - Bernard Madoff, an American businessman and financier, was born on this day.

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General images

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

Image 1This safety plan of a small Italian business provides information regarding emergency instructions (earthquake and fire), emergency telephone numbers, escape routes and locations of first aid box and fire exstinguishers. (from Business)
Image 2Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 31/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 4"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 5In 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)
Image 6Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 7Offices in the Los Angeles Downtown Financial District (from Business)
Image 8Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 9Time required to start a business in 2017 (from Business)
Image 10Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 11Lindley 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 12Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)
Image 13Chart 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 14Small business vendors at a public market (from Business)
Image 15McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)

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More did you know

...that in the United States of America the largest reserve requirement for commercial banks is 10% of liabilities?

...that the United States Federal Reserve System uses six monetary aggregates as components of the money supply?

...that an open market operation is an activity by a central bank to buy or sell government bonds on the open market?

...that, although nominal USA national debt has been steadily increasing since 1940, Debt-to-GDP ratio was actually higher during WWII than it is now?

... that the United States debt ceiling has been steadily raised since 1981?

... the Federal Reserve owns the largest share of the USA national debt?

...the term petrodollars was coined by Ibrahim Oweiss to describe dollars that did not circulate inside the United States, and therefore were not part of the normal money supply, and instead were received by petroleum exporting countries (OPEC) in exchange for oil?

More did you know facts