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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 articleBank of China (Hong Kong) Limited (BOCHK, 中國銀行(香港)有限公司) is the second-largestcommercial banking group inHong Kong in terms ofassets and customerdeposits, with more than 300 branches in Hong Kong. It was established on October 1, 2001 from a merger of 12 subsidiaries and associates of theBank of China in Hong Kong, and listed on theHong Kong Stock Exchange in October 2002. As of the end of 2003, the bank hadHK$763 billion in assets and earned net profit of HK$8 billion in 2003. BOCHK is one of the three banks which issuebanknotes for Hong Kong, the biggest member and a founder of theJETCOATM and payment system, and the designatedclearing bank in Hong Kong for transactions involving therenminbi,Mainland China'scurrency. It is legally separate from its parent,Bank of China (BOC), although they maintain close relations in management and administration and cooperate in several areas including reselling BOC'sinsurance andsecurities services. It also shares its Hong Kong headquarters, theBank of China Tower, with its parent; completed in 1988, this was the first building outside ofNorth America to exceed1,000 feet (300 m). Selected image
Selected economy The skyline ofMilan, home to theItalian Stock Exchange, the country's industrial heart, and a world'sfashion capital Italy has ahighly developedsocial market economy. It is the third-largest national economy in theEuropean Union, the8th-largest economy in the world by nominal GDP, and the11th-largest by PPP-adjusted GDP. The country has the second-largest manufacturing industry inEurope, which is also the7th-largest in the world. Italy has adiversified economy which is dominated by thetertiary service sector. The country is agreat power, and is afounding member of the European Union, theeurozone, theSchengen Area, theOECD, theG7 and theG20; it is theeighth-largest exporter in the world, with $611 billion exported in 2021. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade.Its largest trading partners areGermany (12.5%) andFrance (10.3%), followed by theUnited States (9%),Spain (5.2%), theUnited Kingdom (5.2%) andSwitzerland (4.6%). In the post-World War II period, Italy saw a transformation from an agricultural-based economy which had been severely affected by the consequences of theWorld Wars, into one of the world's most advanced nations, and a leading country inworld trade and exports. According to theHuman Development Index, the country enjoys avery high standard of living. According toThe Economist, Italy has the world's 8th highestquality of life. Italy owns the world's third-largestgold reserve, and is the third-largest net contributor to thebudget of the European Union. Furthermore, the advanced countryprivate wealth is one of the largest in the world. In terms of private wealth, Italy ranks second, afterHong Kong, inprivate wealth to GDP ratio. AmongOECD members, Italy has a highly efficient and strongsocial security system, which comprisesroughly 24.4% of GDP. (Full article...) Selected quote"From thesupermarket we got the idea of viewing the earlier process in aproduction line as a kind of store. The later process (customer) goes to the earlier process (supermarket) to acquire the required parts (commodities) at the time and in the quantity needed. The earlier process immediately produces the quantity just taken (restocking theshelves). We hoped that this would help us approach ourjust-in-time goal and, in 1953, we actually applied the system in our machine shop at the mainplant. In the 1950s, American-style supermarkets appeared inJapan, bringing the object of our research even closer. And when inAmerica in 1956, I finally fulfilled my desire to visit a supermarket firsthand."
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