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 corporation tax is a tax levied in the United Kingdom on the profits made by UK-resident companies and associations. It is also levied on non-UK resident companies and associations which trade in the UK through a permanent establishment. The tax was introduced by the Finance Act 1965, which simultaneously removed companies and associations that became liable to corporation tax from the charge to the income tax. The tax borrowed its basic structure and many of its rules from income tax. Recently the tax has come under pressure from a number of sources. Tax competition between jurisdictions has reduced the headline charge to 30 percent; judgments from the European Court of Justice have found that certain aspects of UK corporate tax law are discriminatory under European Union treaties and are expected to continue to do so; and tax avoidance schemes marketed by the big accountancy and law firms and by banks have threatened the tax base. The British government has responded to the last two by introducing ever more complex legislation to counter the threats. Selected image
Selected economy.jpg) The economy of New York City encompasses the largest municipal and regional economy in the United States. In 2022, the New York metropolitan area generated a gross metropolitan product (GMP) of US$1.4trillion, with a population of 23.6 million people. Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier financial center. The city is home to the New York Stock Exchange (NYSE, on Wall Street) and Nasdaq (headquartered in Times Square), the world's two largest stock exchanges by both market capitalization and trading activity. New York City, with its center in Manhattan, is the world's leading center of banking, finance, and communication. Many of the world's largest corporations are headquartered in Manhattan. The borough contained over 500 million square feet (46.5 million m2) of office space in 2015, making it the largest office market in the United States. Midtown Manhattan, with nearly 400 million square feet (37.2 million m2) that same year, is the largest central business district in the world. New York City is distinctive for its high concentrations of advanced service sector firms in the law, accountancy, banking, and management consultancy fields. It is the top global center for the advertising industry, which is metonymously called "Madison Avenue". Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand. (Full article...) Selected quote"As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it."
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