Business economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets. A professional focus of the journal Business Economics has been expressed as providing "practical information for people who apply economics in their jobs."
Business economics is an integral part of traditional economics. It is an extension of economic concepts to the real business situations. It is an applied science in the sense of a tool of managerial decision-making and forward planning by management. In other words, Business economics is concerned with the application of economic theory to business management.
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.
A vintage travel gear seller at Marché Dauphine, Saint-Ouen
, the home to Paris
' flea market
A flea market (or swap meet) is a type of bazaar that rents space to people who want to sell or barter merchandise. Used goods, low quality items, and high quality items at low prices are commonplace.
Again, if expenses are too great, and it seems impossible to meet competition, there is seldom any serious effort made to find out why expenses are too high, but it is assumed that the way out of the difficulty is to reduce wages. It never appears to occur to a manager that perhaps the cause of the excessive expense may not lie with the workman, but with the management. Managers rarely seem to suspect that, if the workmen were more intelligently directed, the output per man might be largely increased without a corresponding increase in expense.
Those who have given even superficial study to the subject are beginning to realize the enormous gain that can be made in the efficiency of workmen, if they are properly directed and provided with proper appliances. Few, however, have realized another fact of equal importance, namely, that to maintain permanently this increase of efficiency, the workman must be allowed a portion of the benefit derived from it.
To obtain this high degree of efficiency successfully, however, the same careful scientific analysis and investigation must be applied to every labor detail as the chemist or biologist applies to his work. Wherever this has been done, it has been found possible to reduce expenses, and, at the same time, to increase wages, producing a condition satisfactory to both employer and employee.
The great difficulty in instituting this method of dealing with labor questions is that usually neither employer nor employee has sufficient knowledge of the scientific method to realize either the amount of detail work necessary, or the extent of the benefits to bo derived from it. In general, their inclination is to adhere to the methods with which they are familiar, and to distrust all others, even though their methods have failed to bring them appreciably nearer the solution of their problems, and the newer methods have produced results far more satisfactory than they even hoped for. A scientific investigation into the details of a condition that has grown up unassisted by science has never yet failed to show that economies and improvements are feasible that benefit both parties to an extent unsuspected by either.
- —Henry Gantt, Work, wages, and profits, 1913
Things you can do
Urgent and important articles are bold
Here are some tasks awaiting attention:
- Article requests : Abstract Fees, IFRS for small and medium entities, more...
- Assess : assess these pages
- Cleanup : Agricultural productivity, Bank fraud, Billpoint, Economic nationalism, Ethical implications in contracts, Financial adviser, Futures exchange, Gulf rupee, Pricing, Self insurance, Serfdom, Space elevator economics, Valuation, more...
- Disambiguation : cleanup links to dab pages
- Expand : Tom Basso, Clintonomics, Toby Crabel, Diversification (finance), Economy of Brazil, European Cooperative Society, Heavy industry, Larry Hite, Insourcing, Paul Tudor Jones, Planning Commission, Linda Bradford Raschke, Sales pitch, Singapore television channels, David Tepper, Monroe Trout, Tan Yu
- Infobox : add to business articles needing infoboxes
- Maintain : Portal:Business and economics
- Merge : Business Analysis, Corporate performance management, Economic growth, Excess reserves, Liberian Companies, National Association of Insurance Commissioners, Permanent war economy, more...
- NPOV : Economic interventionism, Energy economics, Rage Software Limited, more...
- Photo : add to requested photographs of business & economic topics and requested photographs of business and economics people
- Stubs : Bioeconomics, Debt compliance, Double auction, Kitchen sink regression, Single-entry accounting system, War economy, Workforce, more...
- Verify : add sources to Unreferenced BLPs
- Wikify : Economy of GDR, Investment specific technological progress, Marketization, Mediobanca, more...
- Other : Projects - Accounting, Business, Companies, Cooperatives, Deletion sorting, Economics, Finance & Investment, Game theory, International development, Numismatics, Private Equity, Retailing, Shopping Centers, Taxation, Trade, more...
On this day in Business history...
Did you know...
- ...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 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 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?