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The Business and Economics Portal  Business is the practice of making one's living or making money by producing orbuying and sellingproducts (such asgoods andservices). 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 except for limited liability company. Thetaxation 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 acompany (such as acorporation orcooperative). Colloquially, the terms are used interchangeably. (Full article...) Economics (/ˌɛkəˈnɒmɪks,ˌiːkə-/) is asocial science that studies theproduction,distribution, andconsumption ofgoods and services. Economics focuses on the behaviour and interactions ofeconomic agents and howeconomies work.Microeconomics analyses what is viewed as basic elements withineconomies, including individual agents andmarkets, 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, andinvestment expenditure interact; and thefactors of production affecting them, such as:labour,capital,land, andenterprise,inflation,economic growth, andpublic policies that impactthese elements. It also seeks toanalyse and describe theglobal economy. (Full article...) Selected article TheAustrian school is aheterodoxschool of economic thought that advocates strict adherence tomethodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with theirself-interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action. The Austrian school originated in 1871 inVienna with the work ofCarl Menger,Eugen von Böhm-Bawerk,Friedrich von Wieser, and others. It was methodologically opposed to theHistorical school, in a dispute known asMethodenstreit, or methodology quarrel. Current-day economists working in this tradition are located in many countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian school are thesubjective theory of value,marginalism inprice theory and the formulation of theeconomic calculation problem. Selected image
Selected economy TheMoscow International Business Center, thefinancial centre of Russia Theeconomy ofRussia is ahigh-income, industrialized,mixed andmarket-orientedemerging economy. It has theninth-largest economy in the world by nominal GDP and thefourth-largest economy by GDP (PPP). Due to a volatile currencyexchange rate, its GDP measured in nominal terms fluctuates sharply. Russia was the last major economy to join theWorld Trade Organization (WTO), becoming a member in 2012. Russia has large amounts ofenergy resources throughout its vast landmass, particularlynatural gas andpetroleum, which play a crucial role in its energy self-sufficiency and exports. The country is apetrostate,: 56 with it having thelargest natural gas reserves in the world, thesecond-largest coal reserves, theeighth-largest oil reserves, and the largestoil shale reserves in Europe. Russia is thethird-largest exporter ofnatural gas, thesecond-largest natural gas producer, thesecond-largest oil exporter andproducer, and the third-largest coal exporter. As of 2020, itsforeign exchange reserves were thefifth-largest in the world. Russia has a labour force of about 73 million people, which is theeighth-largest in the world. It is thethird-largest exporter of arms in the world. The large oil and gas sector accounted up to 30% of Russia's federal budget revenues in 2024, down from 50% in the mid-2010s, suggesting economic diversification.(Full article...) Selected quoteAgain,labor andcapital can never be reconciled as long as labor persists in thinking that there is a capitalist point of view and capitalists that there is a labor point of view. There is not. These are imaginary wholes which must be broken up before capital and labor can cooperate. Or when you label a man afarmer or anartisan and then treat him as if his action tendencies were all farmer or artisan you make a grave mistake. You have to break him up into a number of things, I mean of course a number of activities. Parts, aspects, factors, elements — all these words are too static; we must differentiate into activities. The man sitting next me on a certain board represented the public. Have you a preconceived idea that the man who represents the public represents social interests. This man was part owner of a leather business, he was president of a bank and it was a year (1919) when the scarcity of money and the difficulty of getting credit affected more than usual the relation between banker and employer; he was aMason, he was a member of thePresbyterian church, etc. All these things influenced him.
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