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.
William Barley (1565?-1614) was an English bookseller and publisher. He completed an apprenticeship as a draper in 1587, but was soon working in the London book trade. As a freeman of the Drapers' Company, he was embroiled in a dispute between it and the Stationers' Company over the rights of drapers to function as publishers and booksellers. He found himself in legal tangles throughout his life.
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.
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.
"Centralization is not a system of management good or bad of itself, capable of being adopted or discarded at the whim of managers or of circumstances; it is always present to a greater or less extent. The question of centralization or decentralization is a simple question of proportion, it is a matter of finding the optimum degree for the particular concern. In small firms, where the manager's orders go directly to subordinates, there is absolute centralization; in large concerns, where a long scalar chain is interposed between manager and lower grades, orders and counterinformation, too, have to go through a series of intermediaries. Each employee, intentionally or unintentionally, puts something of himself into the transmission and execution of orders and of information received, too. He does not operate merely as a cog in a machine. What appropriate share of initiative may be left to intermediaries depends on the personal character of the manager, on his moral worth, on the reliability of his subordinates, and also on the condition of the business. The degree of centralization must vary according to different cases. The objective to pursue is the optimum utilization of all faculties of the personnel."
- —Henry Fayol, General and Industrial Management, 1949
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On this day in Business history...
Did you know...
- ...that Jerry White, cofounder of the Landmine Survivors Network, delivered the 2005 commencement address at the University of Michigan's Ross School of Business?
- ...that Kiran Mazumdar-Shaw, chairman of Biocon, is India's richest woman?
- ...advertising management is a function of marketing starting from market research, continuing through advertising, leading to actual sales or achievement of objectives?
- ... that a value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls?
- ...that EID Parry is one of the oldest business entities in the Indian subcontinent and owes its origin to Thomas Parry, a Welshman who came to India in late 1780s?
- ... that an agrarian society is one that is based on agriculture as its prime means for support and sustenance?
- ... that the expression Hindu rate of growth is used to refer to the low annual growth rate of the economy of India, which stagnated around 3.5% from 1950 to 1980?
- ...that Massachusetts Institute of Technology professor Daron Acemo?lu received the 2005 John Bates Clark Medal for his work on Skill Acquisition and Technological Change, Investment and Growth, Directed Search and Unemployment, The Role of Institutions in Economic Development and Political Economy?