"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.
The "Panic of 1907 was a "financial crisis that occurred in the United States when its "stock market fell close to 50 percent from its peak the previous year. Primary causes of the run included a retraction of "market liquidity by a number of "New York City banks, a loss of confidence among "depositors, and the absence of a statutory "lender of last resort. The crisis occurred after the failure of an attempt in October 1907 to "corner the market on "stock of the "United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs which later spread to affiliated banks and trusts, leading a week later to the downfall of the "Knickerbocker Trust Company—New York City's third-largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew "reserves from New York City banks. The panic would have deepened if not for the intervention of financier "J.P. Morgan, who pledged large sums of his own money, and convinced other New York bankers to do the same, to shore up the "banking system. By November the contagion had largely ended. The following year, Senator "Nelson W. Aldrich established and chaired a commission to investigate the crisis and propose future solutions, leading to the creation of the "Federal Reserve System.
Photo credit: "Genghiskhanviet
Modern warehouse with "pallet
rack storage system.
Logistics is the management of the flow of goods between the point of origin and the point of consumption in order to meet some requirements, of customers or corporations. The resources managed in logistics can include physical items, such as food, materials, animals, equipment and liquids, as well as abstract items, such as time, information, particles, and energy. The logistics of physical items usually involves the integration of information flow, "material handling, "manufacturing, "packaging, "inventory, "transportation, "warehousing, and often "security. The complexity of logistics can be modeled, analyzed, visualized, and optimized by dedicated "simulation software. The minimization of the use of resources is a common motivation in logistics for import and export.
"Heroism and the respect it commands is a form of compensation by society for those who take "risks for others. And "entrepreneurship is a risky and heroic activity, necessary for growth or even the mere survival of the economy.
It is also necessarily collective on "epistemological grounds-to facilitate the development of "expertise. Someone who did not find something is providing others with knowledge, the best knowledge, that of absence (what does not work)-yet he gets little or no credit for it. He is a central part of the process with "incentives going to others and, what is worse, gets no respect.
I am an ingrate toward the man whose overconfidence caused him to open a "restaurant and fail, enjoying my nice meal while he is probably eating canned tuna.
In order to progress, modern society should be treating ruined entrepreneurs in the same way we honor dead "soldiers, perhaps not with as much honor, but using exactly the same logic (the entrepreneur is still alive, thought perhaps morally broken and socially stigmatized, particularly if he lives in Japan.) For there is no such thing as a failed soldier, dead or alive (unless he acted in a cowardly manner)-likewise, there is no such thing as a failed entrepreneur or failed "scientific researcher, any more than there is a successful babbler, philosophaster, commentator, consultant, lobbyist, or business school professor who does not take personals risks. (Sorry.)
Psychologists label ""overconfidence" a disease, blinding people to the odds of success when engaging in ventures. But there is a difference between benign, heroic type of risk taking that is beneficial to others, in the antifragile case and the nastier modern type related to negative "Black Swans, such as the overconfidence of "scientists" computing the risks of harm from the "Fukushima reactor. In the case of the former, what they call overconfidence is a good thing, not something to medicate.
- —"Nassim Taleb, "Antifragile, 2012
Things you can do
Urgent and important articles are bold
Here are some "tasks awaiting attention:
- "Article requests : "Abstract Fees, IFRS for small and medium entities, "more...
- "Assess : "assess these pages
- "Cleanup : "Agricultural productivity, "Bank fraud, "Billpoint, "Economic nationalism, "Ethical implications in contracts, "Financial adviser, "Futures exchange, "Gulf rupee, "Pricing, "Self insurance, "Serfdom, "Space elevator economics, "Valuation, "more...
- "Disambiguation : cleanup links to "dab pages
- "Expand : "Tom Basso, "Clintonomics, "Toby Crabel, "Diversification (finance), "Economy of Brazil, "European Cooperative Society, "Heavy industry, "Larry Hite, "Insourcing, "Paul Tudor Jones, "Planning Commission, "Linda Bradford Raschke, "Sales pitch, "Singapore television channels, "David Tepper, "Monroe Trout, "Tan Yu
- "Infobox : add to "business articles needing infoboxes
- "Maintain : Portal:Business and economics
- "Merge : "Business Analysis, "Corporate performance management, "Economic growth, "Excess reserves, "Liberian Companies, "National Association of Insurance Commissioners, "Permanent war economy, "more...
- "NPOV : "Economic interventionism, "Energy economics, "Rage Software Limited, "more...
- "Photo : add to "requested photographs of business & economic topics and "requested photographs of business and economics people
- "Stubs : "Bioeconomics, "Debt compliance, "Double auction, "Kitchen sink regression, "Single-entry accounting system, "War economy, "Workforce, "more...
- "Verify : add sources to "Unreferenced BLPs
- "Wikify : "Economy of GDR, "Investment specific technological progress, "Marketization, "Mediobanca, "more...
- Other : "Projects - "Accounting, "Business, "Companies, "Cooperatives, "Deletion sorting, "Economics, "Finance & Investment, "Game theory, "International development, "Numismatics, "Private Equity, "Retailing, "Shopping Centers, "Taxation, "Trade, "more...
On this day in Business history...
Did you know...
- ...that "Valrhona, a company based in the small town of Tain l'Hermitage in the "Rhône Valley in "France, is one of the world's leading manufacturers of high-quality "chocolate?
- ... 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.
- ... that "Hollywood accounting is the practice of distributing the "profit earned by a large project to "corporate entities which, though distinct from the one responsible for the project itself, are typically owned by the same people, with the net result of reducing the project's profit by a substantial margin, sometimes even eliminating it altogether.