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Portal:Business and economics


Introduction

Business economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets. A professional focus of the journal Business Economics has been expressed as providing "practical information for people who apply economics in their jobs." Business economics is an integral part of traditional economics. It is an extension of economic concepts to the real business situations. It is an applied science in the sense of a tool of managerial decision-making and forward planning by management. In other words, Business economics is concerned with the application of economic theory to business management.

Selected article

A contemporary French print on the English custom of wife selling

Wife selling was a traditional English practice for ending an unsatisfactory marriage. Instead of dealing with an expensive and dragged-out divorce, a husband would take his wife to market and parade her with a halter around her neck, arm, or waist, before publicly auctioning her to the highest bidder. Any children from the marriage might also be sold along with their mother. Prices paid for wives varied considerably, from a high of £100 (plus £25 each for her two children), to a low of a glass of ale, or even free. The Duke of Chandos bought his second wife at one such sale in Newbury in about 1744. Along with other English customs, wife selling was exported to England's American colonies, where one man sold his wife for "two dollars and half [a] dozen bowls of grogg". Husbands were sometimes sold by their wives in a similar manner, but much less frequently. Wife selling persisted in some form into the early 20th century, as general attitudes began to shift.


Selected image

The multimedia studio at the headquarters of Infosys Technologies Limited in Bangalore, India.
Photo credit: Indianhilbilly

Infosys is a multinational information technology company, with nine development centers in India and over 30 offices worldwide. Infosys and its subsidiaries employ over 80,501 professionals. Its annual revenues for the fiscal year 2006-2007 exceeded US$3.1 billion with a market capitalization of over US$30 billion.

Selected economy

North Tehran Towers.jpg

The economy of Iran is a mixed and transition economy with a large public sector. Some 60% of the economy is centrally planned. It is dominated by oil and gas production, although over 40 industries are directly involved in the Tehran Stock Exchange, one of the best performing exchanges in the world over the past decade. With 10% of the world's proven oil reserves and 15% of its gas reserves, Iran is considered an "energy superpower".

It is the world's eighteenth largest by purchasing power parity (PPP) and thirty-second by nominal gross domestic product. The country is a member of Next Eleven because of its high development potential.

A unique feature of Iran's economy is the presence of large religious foundations called Bonyad, whose combined budgets represent more than 30% of central government spending.


Selected quote

"Gresham's law has made a modified reappearance. For most cars traded will be the "lemon", and good cars may not be traded at all. The"bad" cars tend to drive out the good (in much the same way that bad money drives out the good). But the analogy with Gresham's law is not quite complete: bad cars drive out the good because they sell at the same price as good can; similarly, bad money drives out good because the exchange rate is even. But the bad cars sell at the same price as good cars since it is impossible for a buyer to tell the difference between a good and a bad car; only the seller knows. In Gresham's law, however, presumably both buyer and seller can tell the difference between good and bad money. So the analogy is instructive, but not complete."

George Akerlof, The Market for Lemons, 1970

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On this day in Business history...

November 16:

  • 1929 - Peter Boizot, an entrepreneur, restaurateur, politician, art collector and philanthropist, the founder of PizzaExpress, died on this day.

Did you know...

  • ...that, as of August 2008, more than 113 countries around the world, including all of Europe, required or permitted IFRS reporting and 85 required IFRS reporting for all domestic, listed companies?
  • ...that in the circular flow model, the inter-dependent entities of producer and consumer are referred to as "firms" and "households" respectively and provide each other with factors in order to facilitate the flow of income?
  • ...that the balance of payments of a country is the record of all economic transactions between the residents of a country and the rest of the world in a particular period?

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