Portal:Business and economics
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Lua error in package.lua at line 80: module 'Module:Box-header/colours' not found.  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 οἶκος [oikos], meaning "family, household, estate", and νόμος [nomos], or "custom, law", 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:
However, 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. Lua error in package.lua at line 80: module 'Module:Box-header/colours' not found.  The Panic of 1907 was a financial crisis that occurred in the United States when its stock market fell close to 50 percent from its peak the previous year. Primary causes of the run included a retraction of market liquidity by a number of New York City banks, a loss of confidence among depositors, and the absence of a statutory lender of last resort. The crisis occurred after the failure of an attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs which later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company—New York City's third-largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew reserves from New York City banks. The panic would have deepened if not for the intervention of financier J.P. Morgan, who pledged large sums of his own money, and convinced other New York bankers to do the same, to shore up the banking system. By November the contagion had largely ended. The following year, Senator Nelson W. Aldrich established and chaired a commission to investigate the crisis and propose future solutions, leading to the creation of the Federal Reserve System. Lua error in package.lua at line 80: module 'Module:Box-header/colours' not found.
Lua error in package.lua at line 80: module 'Module:Box-header/colours' not found.  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. Lua error in package.lua at line 80: module 'Module:Box-header/colours' not found. "At the same time, pecuniary externalities have significant welfare consequences when there are distortions in the economy (e.g., from monopolies, technological externalities, or distorting taxes). An important determinant of the optimal tax on one commodity is for instance a calculation of its indirect effect on government revenue raised from other taxes. It has not, however, been widely recognized that the distortions that arise in economies in which there is imperfect information and incomplete markets for practical purposes, all economies result in there being real welfare consequences of what would otherwise be viewed as purely pecuniary effects. As a result, economies in which there are incomplete markets and imperfect information are not, in general, constrained Pareto efficient. There exist government interventions (e.g., taxes and subsidies) that can make everyone better off. Moreover, the distortions that arise from imperfect information or incomplete markets often look analytically like externalities of the familiar technological sort, and viewing them in this way helps identify the welfare consequences of government interventions."
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Lua error in package.lua at line 80: module 'Module:Box-header/colours' not found. Lua error in package.lua at line 80: module 'Module:Box-header/colours' not found. Wikinews Economy and business portal
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| 11:31, 01 June, 2016 (UTC) | |||
| 4,948.06 |  |
% |
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| 2,096.96 |  2.10 |
0.10% |
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| 14,065.78 | |
% |
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| 45,459.45 | |
% |
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| 6,170.96 | 59.83 |
0.96% |
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| 10,171.27 | 91.47 |
0.89% |
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| 4,464.47 | 41.15 |
0.91% |
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| 8,177.97 | 38.45 |
0.47% |
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| 444.72 | 3.15 |
0.70% |
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| 3,492.55 | 21.51 |
0.61% |
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| 8,910.50 | 123.50 |
1.37% |
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| 5,395.17 | 52.63 |
0.97% |
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| 16,955.73 | 279.25 |
1.62% |
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| 20,760.98 | 54.11 |
0.26% |
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| 2,914.21 | 2.41 |
0.08% |
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Lua error in package.lua at line 80: module 'Module:Box-header/colours' not found. November 26:
- 1902 - Maurice McDonald, established, with his brother, the first McDonald's restaurant, was born on this day.
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- ...that Robert Solow, a Nobel Laureate American economist, was awarded the National Medal of Science in 1989 for "his creation of the modern framework for analyzing the effects of investment and technological progress on economic growth"?
- ... that David Ricardo formulated the principle of comparative advantage in his "On the Principles of Political Economy and Taxation" book?
- ... that the Heckscher–Ohlin model was developed by Bertil Ohlin in 1933?
- ... that Paul Krugman introduced returns to scale to the field of international trade, now referred to as new trade theory?
- ... that the term lean manufacturing was coined in the book The Machine that Changed the World?
- ... that the Nobel Memorial Prize in Economic Sciences was not created by the will of Alfred Nobel?
- ... that the Federal Reserve System was created in the aftermath of the panic of 1907?
- ... that Manufacturing resource planning was developed at IBM?
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