Portal:Business

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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."

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. (Full article...)

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At Old Street, street markings and a sign (inset) with the white-on-red C alert drivers to the charge. The sign displays the original operating hours for the scheme.

The London congestion charge is a fee charged on most motor vehicles operating within the Congestion Charge Zone (CCZ) in central London between 07:00 and 18:00 (Monday-Friday only). The charge, which was introduced on 17 February 2003, remains one of the largest congestion zones in the world despite the cancellation of the Western Extension which operated between February 2007 and January 2011. The charge aims to reduce congestion, and to raise investment funds for London's transport system. The standard charge is £10 for each day, for each non-exempt vehicle that travels within the zone with a penalty of between £60 and £187 levied for non-payment. Enforcement is primarily based on automatic number plate recognition (ANPR). Transport for London (TfL) is responsible for the charge which has been operated by IBM since 1 November 2009.

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ROBOCRANE® PROJECT Large Scale Manufacturing using Cable Control
Photo credit: Genghiskhanviet

Manufacturing is the production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale. Such finished goods may be used for manufacturing other, more complex products, such as aircraft, household appliances or automobiles, or sold to wholesalers, who in turn sell them to retailers, who then sell them to end users – the "consumers".

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"This paper presents a critique of expected utility theory as a descriptive model of decision making under risk, and develops an alternative model, called prospect theory. Choices among risky prospects exhibit several pervasive effects that are inconsistent with the basic tenets of utility theory. In particular, people underweight outcomes that are merely probable in comparison with outcomes that are obtained with certainty. This tendency, called the certainty effect, contributes to risk aversion in choices involving sure gains and to risk seeking in choices involving sure losses. In addition, people generally discard components that are shared by all prospects under consideration. This tendency, called the isolation effect, leads to inconsistent preferences when the same choice is presented in different forms."

Daniel Kahneman and Amos Tversky, Prospect theory: An Analysis of Decision under Risk, 1979

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On this day in Business history...

June 23:

  • 1930 - Francis Newall, 2nd Baron Newall, which served as a soldier, staff officer, diplomat, politician, legislator, businessman, and representative of the Crown in a variety of capacities, was born on this day.

Did you know

  • ...that the melting and export of cents and nickels can be punished with a fine of up to $10,000 and/or imprisoned for a maximum of five years?
  • ... that the GDP deflator (implicit price deflator for GDP) is a price index measuring changes in prices of all new, domestically produced, final goods and services in an economy.

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