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.
The Oliver Typewriter Company was an American typewriter manufacturer headquartered in Chicago, Illinois. The Oliver Typewriter was the first effective "visible print" typewriter, meaning text was visible to the typist as it was entered. Oliver typewriters were marketed heavily for home use, utilizing local distributors and sales on credit. Oliver produced more than one million machines between 1895 and 1928 and licensed its designs to several international firms.
Photo credit: Lars Plougmann
Bribery around the world is estimated at about $1 trillion (£494bn). The burden of corruption falls disproportionately on the bottom billion people living in extreme poverty who cannot afford to pay and who thus receive sub-standard treatment from officials.
The economy of Ohio nominally would be the 25th largest global economy behind Sweden and ahead of Nigeria according to the 2013 World Bank projections, and the 24th largest global economy behind Sweden and ahead of Norway according to the 2013 International Monetary Fund projections. The state had a projected GDP of $526.1 billion in 2013, up from 517.1 in 2012, and up from 501.3 in 2011, according to the Bureau of Economic Analysis. In 2013, Ohio was ranked in the top ten states for best business climate by Site Selection magazine, based on a business-activity database. The state was edged out only by Texas and Nebraska for the 2013 Governor's Cup award from the magazine, based on business growth and economic development. A new report by the Quantitative Economics and Statistics Practices (QUEST) of Ernst & Young in conjunction with the Council On State Taxation (COST), ranks Ohio as third in the nation for friendliest tax environment.
At this point in the inquiry relation had established itself between the "interview programme" and the results obtained in the experimental rooms. The source of those constraints, relief from which the relay assemblers had so freely expressed, had, at least in part, revealed itself. Human collaboration in work, in primitive and developed societies, has always depended for its perpetuation upon the evolution of a non-logical social code which regulates the relations between persons and their attitudes to one another. Insistence upon a merely economic logic of production-especially if the logic is frequently changed-interferes with the development of such a code and consequently give rise in the group to a sense of human defeat. This human defeat results in the formation of a social code at a lower level and in opposition to the economic logic. One of its symptoms is "restriction". In its devious road to this enlightenment, the research division had learned something of the personal exasperation caused by a continual experience of incomprehension and futility. It had also learned how serious a consequence such experience carries for industry and for the individual.
- —Elton Mayo, The Human Problems of an Industrial Civilization, 1933
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On this day in Business history...
Did you know...
- ...that dismal science is a derogatory alternative name for economics coined by the Victorian historian Thomas Carlyle in the 19th century to draw a contrast with the then-familiar use of the phrase "gay science"?
- ...that, according to historical legend, Laissez-faire stems from a meeting in about 1681 between the powerful French finance minister Jean-Baptiste Colbert and a group of French businessmen led by a certain M. Le Gendre?
- ...that Antoine Augustin Cournot derived the first formula for the rule of supply and demand as a function of price and in fact was the first to draw supply and demand curves on a graph in his Researches on the Mathematical Principles of the Theory of Wealth?
- ...that the Toyota Production System (TPS) developed by Toyota, that comprises its management philosophy and practices, organizes manufacturing and logistics for the automobile manufacturer, including interaction with suppliers and customers?