Portal:Business
The Business and Economics Portal Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). 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. The taxation 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 a company such as a corporation or cooperative. Colloquially, the terms are used interchangeably. (Full article...) Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, 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, and investment expenditure interact, and factors affecting it: factors of production, such as labour, capital, land, and enterprise, inflation, economic growth, and public policies that have impact on these elements. It also seeks to analyse and describe the global economy. (Full article...) Selected articleThe Octopus card is a reusable contactless stored value smart card for making electronic payments in online or offline systems in Hong Kong. Launched in September 1997 to collect fares for the territory's mass transit system, the Octopus card system is the second contactless smart card system in the world, after the Korean Upass, and has since grown into a widely used payment system for all public transport in Hong Kong, leading to the development of Oyster Card in London. Selected image
Selected economyThe economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa. After 2000, Libya recorded favorable growth rates with an estimated 10.6% growth of GDP in 2010. This development was interrupted by the Libyan Civil War, which resulted in contraction of the economy by 62.1% in 2011. After the war, the economy rebounded by 104.5% in 2012. It crashed again following the Second Libyan Civil War. As of 2017, Libya's per capita PPP GDP stands at 60% of its pre-war level. (Full article...) Selected quote"Two fundamental questions that must be answered in controlling the inventory of any physical good are when to replenish the inventory and how much to order for replenishment. In this book we shall attempt to show how these questions can be answered under a variety of circumstances. Essentially every decision which is made in controlling inventoried in any organization, regardless of how complicated the inventory supply system may be, is in one way or another associated with the questions of when to order and how much to order. There are certain types of inventory problems, such as those concerned with the storage of water within dams, in which one has no control over the replenishment industry. (In other words, the ressuply of the inventory of water within the dam depends on the rainfall, and the organization operating the dam has no control over this.) We shall not consider this type of problem here. The only problems with which we shall concern ourselves are those in which the organization controlling the inventory has some freedom in determining when, and in what quantity, the inventory should be replaced. On other hand, we shall assume that, in general, the inventory system has no control over the demands which occur for the item, or items, which it stocks. Again, this is just the opposite of what one encounters in dealing with inventory problems such as storage of water within dams, since the efflux of water through the dam is completely within the control of the organization operating the dam. In short, we are going to consider the type of inventory problem encountered in business, industry, and the military. We shall concentrate on showing how mathematical analysis can be used to help develop operating rules for controlling inventory systems. When mathematics is applied to the solution of inventory problems, it is necessary to describe mathematically the system to be studied. Such a description is often referred to as a mathematical model. The procedure is to construct a mathematical model of the system of interest and then to study the properties of the model. Because it is never possible to represent the real world with complete accuracy, certain approximations and simplifications must be made when constructing a mathematical model. There are many reasons on this. One is that it is essentially impossible to find out what the real world is like. Another is that a very accurate model the real world can become impossibly difficult to work with mathematically. A final reason is that accurate models often cannot be justified on economic grounds. Simple approximate ones will yield results which are good enough so that the additional improvement obtained from a better model is not sufficient to justify its additional cost."
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