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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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Cracker Barrel Old Country Store, Inc. is an American chain of combined restaurant and gift stores with a Southern country theme. The company was founded by Dan Evins in 1969; its first store was in Lebanon, Tennessee, which remains the company headquarters. The chain's stores were at first positioned near Interstate highway exits in the Southeastern and Midwestern US, but it has expanded across the country during the 1990s and 2000s. As of September 18, 2012, the chain operates 630 stores in 42 states.

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The 1933 double eagle is a United States 20-dollar gold coin. Although 445,500 specimens of this Saint-Gaudens double eagle were minted in 1933 none were ever officially circulated and all but two were melted down. Supposedly, 20 found their way into the hands of collectors, but 19 of these were subsequently seized or voluntarily turned in to the Secret Service, who destroyed nine of them, making this one of the world's rarest coins. Five are still missing out of the 20.

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The economy of Sweden is a highly developed export-oriented economy, aided by timber, hydropower, and iron ore. These constitute the resource base of an economy oriented toward foreign trade. The main industries include motor vehicles, telecommunications, pharmaceuticals, industrial machines, precision equipment, chemical goods, home goods and appliances, forestry, iron, and steel. Traditionally, Sweden relied on a modern agricultural economy that employed over half the domestic workforce. Today Sweden further develops engineering, mine, steel, and pulp industries, which are competitive internationally, as evidenced by companies such as Ericsson, ASEA/ABB, SKF, Alfa Laval, AGA, and Dyno Nobel.

Sweden is a competitive open mixed economy. The vast majority of Swedish enterprises are privately owned and market-oriented. There is also a strong welfare state, with public-sector spending accounting up to three-fifths of GDP. In 2014, the percent of national wealth owned by the government was 24%. (Full article...)

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Every manufacturer is confronted with the problem of finding the most economical quantity to manufacture in putting through an order. This is a general problem and admits of a general solution, and, however much it may be advisable to exercise judgment in a particular case, such exercise of judgment will be assisted by a knowledge of the general solution.

The writer has seen the practical workings of a first-class stock system and does not wish to be understood as claiming that any mere mathematical formula should be depended upon entirely for determining the amount of stock that should be carried or put through on an order. This is a matter that calls, in each case, for a trained judgment, for which there is no substitute.

There are many other factors of even more importance than those given in this discussion. But in deciding on the best size of order, the man responsible should consider all the factors that are mentioned. While it is perfectly possible to estimate closely enough what effect these factors will have, the chances are many mistakes costing money will be made. Hence, using the formula as a check, is at least warranted. Given the theoretically correct result, it is easy to apply such correction factors as may be deemed necessary.

—Ford Whitman Harris, How many parts to make at once, 1913

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... that according to Jimmy Carter, "more of [Georgia's] business was probably conducted in the Henry Grady than in the state capitol"?
... that the 2017 acquisition of Katz Broadcasting by the E. W. Scripps Company was seen as a validation of the business of diginets?
... that the first batch of Action Computer Enterprise's Discovery 1600, one of the first multi-user microcomputers, was delivered to a tobacco-growing business in Thailand?
... that Eleanor Hadley, a 29-year-old doctoral candidate in economics, was recruited by the Supreme Commander for the Allied Powers to implement antitrust policies in occupied Japan?
... that the studios of a California TV station were converted back into a movie theater after it went out of business?
... that Selling Mother's Milk is a book which discusses the 18th-century practice of some parents in France giving their children to wet nurses for a year or more?

On this day in business history

June 3:

1864 - Ransom E. Olds, a pioneer of the American automotive industry, was born on this day.

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General images

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

Image 1Time required to start a business in 2017 (from Business)
Image 2Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 3Chart 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 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 5McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 61/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 7Offices in the Los Angeles Downtown Financial District (from Business)
Image 8Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 9Lindley 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 10In 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 11Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)
Image 12Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 13Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)

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More 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 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?