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Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services).[need quotation to verify] Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors."

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. 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. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner.

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Cracker Barrel Old Country Store, Inc. is an American chain of combined restaurant and gift stores with a Southern country theme. The company was founded by Dan Evins in 1969; its first store was in Lebanon, Tennessee, which remains the company headquarters. The chain's stores were at first positioned near Interstate highway exits in the Southeastern and Midwestern US, but it has expanded across the country during the 1990s and 2000s. As of September 18, 2012, the chain operates 630 stores in 42 states.

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Detail from Labor, Charles Sprague Pearce (1896).

Manual labour (manual labor in American English) or manual work is physical work done by people, most especially in contrast to that done by machines, and also to that done by working animals. It is most literally work done with the hands (the word "manual" comes from the Latin word for hand), and, by figurative extension, it is work done with any of the muscles and bones of the body. For most of human prehistory and history, manual labour and its close cousin, animal labour, have been the primary ways that physical work has been accomplished. Mechanisation and automation, which reduce the need for human and animal labour in production, have existed for centuries, but it was only starting in the 19th century that they began to significantly expand and to change human culture. To be implemented, they require that sufficient technology exist and that its capital costs be justified by the amount of future wages that they will obviate.

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"From the supermarket we got the idea of viewing the earlier process in a production 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 the shelves). We hoped that this would help us approach our just-in-time goal and, in 1953, we actually applied the system in our machine shop at the main plant.

In the 1950s, American-style supermarkets appeared in Japan, bringing the object of our research even closer. And when in America in 1956, I finally fulfilled my desire to visit a supermarket firsthand."

Taiichi Ohno, Toyota Production System, English edition of 1988

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On this day in Business history...

August 13:

  • 2008 - Jack Weil, founder and CEO of the Denver-based Western clothing manufacturer Rockmount Ranch Wear died on this day.

Did you know

William McChesney Martin, Jr.
  • ...that, according to historical legend, Laissez-faire stems from a meeting in about 1681 between the powerful French finance minister Jean-Baptiste Colbert and a group of French businessmen led by a certain M. Le Gendre?
  • ...that Antoine Augustin Cournot derived the first formula for the rule of supply and demand as a function of price and in fact was the first to draw supply and demand curves on a graph in his Researches on the Mathematical Principles of the Theory of Wealth?
  • ...that the Toyota Production System (TPS) developed by Toyota, that comprises its management philosophy and practices, organizes manufacturing and logistics for the automobile manufacturer, including interaction with suppliers and customers?

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