Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services).[1][2][3][4] It is also "any activity or enterprise entered into for profit."[5]
Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions.[6] A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.
The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company, such as a corporation or cooperative.
Corporations, in contrast with sole proprietors and partnerships, are a separate legal entity and provide limited liability for their owners/members, as well as being subject to corporate tax rates. A corporation is more complicated and expensive to set up, but offers more protection and benefits for the owners/members.
Source: Wikipedia
Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/)[1] is the social science that studies the production, distribution, and consumption of goods and services.[2][3]
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.
Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be";[4] between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics.[5]
Economic analysis can be applied throughout society, including business,[6] finance, cybersecurity,[7] health care,[8]engineering[9] and government.[10] It is also applied to such diverse subjects as crime,[11] education,[12] the family,[13]feminism,[14] law,[15] philosophy,[16] politics, religion,[17] social institutions, war,[18] science,[19] and the environment.[20]
Source: Wikipedia
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