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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 John Stuart Mill (20 May 1806 – 7 May 1873) was an Englishphilosopher,political economist, politician and civil servant. One of the most influential thinkers in the history ofliberalism andsocial liberalism, he contributed widely tosocial theory,political theory, and political economy. Dubbed "the most influential English-speaking philosopher of the nineteenth century" by theStanford Encyclopedia of Philosophy, he conceived ofliberty as justifying the freedom of the individual in opposition to unlimited state andsocial control. He advocated political and social reforms such as proportional representation, the emancipation of women, and the development of labour organisations and farm cooperatives. TheColumbia Encyclopedia describes Mill as occasionally coming "close to socialism, a theory repugnant to his predecessors". He was a proponent ofutilitarianism, an ethical theory developed by his predecessorJeremy Bentham. He contributed to the investigation ofscientific methodology, though his knowledge of the topic was based on the writings of others, notablyWilliam Whewell,John Herschel, andAuguste Comte, and research carried out for Mill byAlexander Bain. He engaged in written debate with Whewell. Selected image
Selected economy Shanghai, thefinancial center of China ThePeople's Republic of China has adevelopingmixedsocialist market economy, incorporatingindustrial policies and strategicfive-year plans. China has theworld's second-largest economy by nominal GDP and since 2016 has been theworld's largest economy when measured bypurchasing power parity (PPP). China accounted for 19% of theglobal economy in 2022 in PPP terms, and around 18% in nominal terms in 2022. The economy consists ofstate-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector which contribute approximately 60% of the GDP, 80% of urban employment and 90% of new jobs; the system also consist of a high degree of openness to foreign businesses. (Full article...) Selected quote" OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched. While the poor andmiddle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinarytax breaks. Some of us areinvestment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors. These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places. Last year my federaltax bill — the income tax I paid, as well aspayroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent. If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot."
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