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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's 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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Carucage was a medieval English land tax introduced by King Richard I in 1194, based on the size—variously calculated—of the estate owned by the taxpayer. It was a replacement for the danegeld, last imposed in 1162, which had become difficult to collect because of an increasing number of exemptions. Carucage was levied just six times: by Richard in 1194 and 1198; John, his brother and successor, in 1200; and John's son, Henry III, in 1217, 1220, and 1224, after which it was replaced by taxes on income and personal property.

Carucage was an attempt to secure new sources of revenue in order to supplement and increase royal income in a time when new demands were being made on royal finances. Although derived from the older danegeld, carucage was an experiment in revenue collection, but it was only levied for specific purposes, rather than as a regularly assessed tax. Also new was the fact later collections were imposed with the consent of the barons. However, the main flow of royal income was from other sources, and carucage was not collected again after 1224.

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Photo credit: Genghiskhanviet

The Central Bank of Brazil (Portuguese: Banco Central do Brasil) is Brazil's central bank. It was established on December 31, 1964.

The Central Bank is linked with the Ministry of Finance. Like other central banks, the Brazilian central bank is the principal monetary authority of the country. It received this authority when it was founded by three different institutions: the Bureau of Currency and Credit (SUMOC), the Bank of Brazil (BB), and the National Treasury.

One of the main instruments of Brazil's monetary policy is the Banco Central do Brasil's overnight rate, called the SELIC rate.

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Reykjavík

The economy of Iceland is small and subject to high volatility. In 2011, gross domestic product was US$12 billion, but by 2018 it had increased to a nominal GDP of US$27 billion. With a population of 387,000, this is $55,000 per capita, based on purchasing power parity (PPP) estimates. The 2008–2011 Icelandic financial crisis produced a decline in GDP and employment that has since been reversed entirely by a recovery aided by a tourism boom starting in 2010. Tourism accounted for more than 10% of Iceland's GDP in 2017. After a period of robust growth, Iceland's economy is slowing down according to an economic outlook for the years 2018–2020 published by Arion Research in April 2018.

Iceland has a mixed economy with high levels of free trade and government intervention. However, government consumption is less than other Nordic countries. Hydro-power is the primary source of home and industrial electrical supply in Iceland. (Full article...)

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"Jacob H. Schiff, one of New York's greatest financiers, and one of the witnesses who testified before the committee, is an example of a man with the kind of mind and over-selfish viewpoint which prevails among the men who had a personal financial interest in the result of the Committee's investigation, such as the banker members of the Banking and Currency Committee may be expected to have. Mr. Schiff, under oath, told the committee in substance that:

If individuals can accomplish a monopoly he believes they should not be hampered by law! The laws of nature, he told the committee, are best for preventing too gigantic projects; and he cited the fall of the Tower of Babel as in example of the futility of human effort extended too far. Among the articles expounded by Schiff in his creed of business and finance was the assertion that the minority in all corporations should not be allowed representation among the officers and directors by law. ‘The majority should always rule.’ he said, 'and the minority should protect their rights as best they can.’

Is it not easy to see by this statement of Mr. Schiff's that it is preposterous for Congress to appoint mostly bankers, their agents and attorneys on its Banking and Currency Committee? Mr. Schiff is not cut from a different cloth, nor by a different pattern than the rest of humanity. Acting in our individual capacity, we look after our own interests, but in a collective sense we have not carried this interest far enough, and, consequently, we have such financial wizards as Mr. Schiff."

—Charles August Lindbergh, Banking and Currency and the Money Trust, 1913

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... that Garretson, South Dakota, was named after businessman Arthur Samuel Garretson?
... that the Kansas Business Hall of Fame includes the founders of Pizza Hut and Russell Stover Candies?
... 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?
... that Bob Ferry became general manager of the Washington Bullets by selling advertisements for its game programs, giving its upper management the impression that he "must know a lot about business"?
... that Francois Massaquoi, who studied economics at New York University, later led the Lofa Defense Force during the First Liberian Civil War?
... that American business executive William M. Ellinghaus helped rescue New York City from bankruptcy in the late 1970s?

On this day in business history

April 27:

1989 - Konosuke Matsushita, a Japanese businessman, founder of Panasonic, died on this day.

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General images

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

Image 11/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 2Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 3Lindley 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 4Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 5Chart 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 6"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 7Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 8Offices in the Los Angeles Downtown Financial District (from Business)
Image 9McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 10Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 11Time required to start a business in 2017 (from Business)
Image 12In 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)

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More did you know

...that French economist A.R.J. Turgot (pictured) served as the intendant of the genéralité of Limoges from 1761 to 1774?

...that in economics, the monetary base is defined as the portion of the commercial banks' reserves that are maintained in accounts with their central bank plus the total currency circulating in the public?

...that Friedrich Hayek was appointed as a member of the Order of the Companions of Honour by Queen Elizabeth II of the United Kingdom on the advice of British Prime Minister Margaret Thatcher?

...that Gunnar Myrdal, the 1974 co-winner of the Nobel Prize in Economics was married Alva Myrdal, a Swedish diplomat who won the 1982 Nobel Peace Prize?

...that Massachusetts Institute of Technology professor Daron Acemoglu was the 2005 recipient of the John Bates Clark Medal?

...that Gold Fixing is the procedure by which the price of gold is set on the London market by the five members of the London Bullion Market Association?

...that the postal services of Canada, Finland and the United Kingdom have their own dedicated address to which letters to Santa Claus pleading their good behavior and requesting gifts?

More did you know facts