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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 is viewed as basic elements within economies, 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 economies as systems where production, distribution, consumption, savings, and investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy. (Full article...)

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American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is the title sponsor of the AIG Women's Open golf tournament. In 2023, for the sixth consecutive year, DiversityInc named AIG among the Top 50 Companies for Diversity list.

AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000. AIG was ranked 60th on the 2018 Fortune 500 list. According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. On December 31, 2017, AIG had $65.2 billion (~$79.7 billion in 2023) in shareholder equity.

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Photo credit: Genghiskhanviet

The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded, and its structure has evolved. Events such as the Great Depression in the 1930s were major factors leading to changes in the system.

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The Greater Tokyo Area has the largest gross metropolitan product in Asia.

The economy of Asia comprises about 4.7 billion people (60% of the world population) living in 50 different nations.0 Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. Moreover, Asia is the site of some of the world's longest modern economic booms.

As in all world regions, the wealth of Asia differs widely between, and within, states. This is due to its vast size, meaning a huge range of different cultures, environments, historical ties and government systems. The largest economies in Asia in terms of PPP gross domestic product (GDP) are China, India, Japan, Taiwan, Indonesia, Turkey, South Korea, Saudi Arabia, Iran, Thailand, and Pakistan, Bangladesh and in terms of nominal gross domestic product (GDP) are Japan,Taiwan, South Korea, China, India, Indonesia, Saudi Arabia, Turkey, Bangladesh, Thailand and Iran. (Full article...)

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"But when the division of labour first began to take place, this power of exchanging must frequently have been very much clogged and embarrassed in its operations. One man, we shall suppose, has more of a certain commodity than he himself has occasion for, while another has less. The former consequently would be glad to dispose of, and the latter to purchase, a part of this superfluity. But if this latter should chance to have nothing that the former stands in need of, no exchange can be made between them. The butcher has more meat in his shop than he himself can consume, and the brewer and the baker would each of them be willing to purchase a part of it. But they have nothing to offer in exchange, except the different productions of their respective trades, and the butcher is already provided with all the bread and beer which he has immediate occasion for. No exchange can, in this case, be made between them. He cannot be their merchant, nor they his customers; and they are all of them thus mutually less serviceable to one another. In order to avoid the inconveniency of such situations, every prudent man in every period of society, after the first establishment of the division of labour, must naturally have endeavoured to manage his affairs in such a manner, as to have at all times by him, besides the peculiar produce of his own industry, a certain quantity of some one commodity or other, such as he imagined few people would be likely to refuse in exchange for the produce of their industry."

—Adam Smith, The Wealth of Nations, 1776

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Did you know (auto-generated) - load new batch

... that Bill Post helped invent the Pop-Tart?
... that businessman Usman Ja'far was the first locally born governor of
... that environmental economist V. Kerry Smith has been described as a "Renaissance Man of Economics"?
... that YouTube co-founder Jawed Karim has updated the description of his video "Me at the zoo" on multiple occasions to criticize the website's business decisions?
... that the studios of a California TV station were converted back into a movie theater after it went out of business?
... that the Chicago Community Bond Fund sought to put itself out of business by eliminating cash bail?

On this day in business history

February 19:

1944 - Les Hinton, a British-American journalist and business executive whose career with Rupert Murdoch's News Corporation spanned more than fifty years, was born on this day.

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General images

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

Image 1"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 2McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 3Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 4Lindley 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 5Offices in the Los Angeles Downtown Financial District (from Business)
Image 6In 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)
Image 7Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)
Image 8Chart 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 91/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 10Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 11Time required to start a business in 2017 (from Business)
Image 12Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 13Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)

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More did you know

...that former Harvard University president Lawrence Summers served as the World Bank Chief Economist from 1991 to 1993?

...that André Meyer quit school at age 16 to work as a messenger boy, and was later described as "the most creative financial genius of our time in the investment banking world" by David Rockefeller?

...that Valrhona, a company based in the small town of Tain l'Hermitage in the Rhône Valley in France, is one of the world's leading manufacturers of high-quality chocolate?

...that it is estimated that more than 85 percent of all business information exists as unstructured data, commonly appearing in e-mails, memos, reports, letters, presentations and Web pages?

... that the Automotive Electronics Council is an organisation based in the USA that sets qualification standards for the supply of components in the automotive electronics industry.

... that Hollywood accounting is the practice of distributing the profit earned by a large project to corporate entities which, though distinct from the one responsible for the project itself, are typically owned by the same people, with the net result of reducing the project's profit by a substantial margin, sometimes even eliminating it altogether.