Portal:Business And Economics

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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 ????? [oikos], meaning "family, household, estate", and ???? [nemo], or "distribution, allocation", and hence literally means "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 always cover at least the two main branches:

  • Microeconomics studies the behavior of individual households and firms in making decisions on the allocation of limited resources. Microeconomics applies to markets where goods or services are bought and sold. It examines how decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.
  • Macroeconomics deals with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies.

There are also other sub-fields of economics.

In economics, economic systems is the study and analysis of organizing production, distribution, consumption and investment and the study of 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 variables, such as ownership structure (Public, Private or Collective), economic coordination (planning, markets or mixed), 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. 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 or directing, and controlling an organization or initiative to accomplish a goal. Management is also an academic discipline, and is traditionally taught at business schools. Economic policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and 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.

Selected article

The Octopus card is a reusable contactless stored value smart card for making electronic payments in online or offline systems in Hong Kong. Launched in September 1997 to collect fares for the territory's mass transit system, the Octopus card system is the second contactless smart card system in the world, after the Korean Upass, and has since grown into a widely used payment system for all public transport in Hong Kong, leading to the development of Oyster Card in London.

Selected picture

Vegetable and Fruit Market of Layyah at twilight.
Photo credit: Genghiskhanviet

A farmers' market (also farmers market) is a physical retail market featuring foods sold directly by farmers to consumers. Farmers' markets typically consist of booths, tables or stands, outdoors or indoors, where farmers sell fruits, vegetables, meats, and sometimes prepared foods and beverages. They are distinguished from public markets, which are generally housed in permanent structures, open year-round, and offer a variety of non-farmer/producer vendors, packaged foods and non-food products.

Selected economy

US county household median income 2009.png

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

"The process chart is a record of present conditions. It presents, in simple, easily understood, compact form, data which must be collected and examined before any improvement in existing conditions and methods is undertaken. Even if existing conditions are apparently satisfactory, the chart is useful as presenting much information in condensed form.

The process chart serves as an indicator of profitable changes. It assists in preventing "inventing downward," and stimulates invention that is cumulative and of permanent value. It is not only the first step in visualizing the one best way to do work, but is useful in every stage of deriving it.

This paper presents established working data used successfully in numerous installations for many years."

--Frank Bunker Gilbreth, Sr. and Lillian Gilbreth, Process Charts, 1921

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19:31, 17 August, 2017 (UTC)
6,237.38 Decrease 107.73 Decrease 1.70%
2,437.92 Decrease 30.19 Decrease 1.22%
15,048.97 Decrease 33.24 Decrease 0.22%
50,931.20 Decrease 225.47 Decrease 0.44%
7,387.87 Decrease 45.16 Decrease 0.61%
12,203.46 Decrease 60.40 Decrease 0.49%
5,146.85 Decrease 29.76 Decrease 0.57%
8,945.40 Decrease 92.52 Decrease 1.02%
523.71 Decrease 2.18 Decrease 0.41%
3,943.74 Decrease 10.34 Decrease 0.26%
10,443.80 Decrease 100.50 Decrease 0.95%
2,361.67 Increase 13.41 Increase 0.57%
27,344.22 Decrease 64.85 Decrease 0.24%
5,827.25 Decrease 3.58 Decrease 0.06%
10,369.37 Increase 78.98 Increase 0.77%

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