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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...)

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American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is the title sponsor of the AIG Women's Open golf tournament. In 2023, for the sixth consecutive year, DiversityInc named AIG among the Top 50 Companies for Diversity list.

AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000. AIG was ranked 60th on the 2018 Fortune 500 list. According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. On December 31, 2017, AIG had $65.2 billion (~$79.7 billion in 2023) in shareholder equity.

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Photo credit: Genghiskhanviet

In commerce, a hypermarket is a superstore combining a supermarket and a department store. The result is an expansive retail facility carrying a wide range of products under one roof, including full groceries lines and general merchandise. In theory, hypermarkets allow customers to satisfy all their routine shopping needs in one trip.

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Karachi, the financial hub of Pakistan

The economy of Pakistan is categorized as a developing economy. It ranks as the 24th-largest based on GDP using purchasing power parity (PPP) and the 46th largest in terms of nominal GDP. With a population of 241.5 million people as of 2023, Pakistan's position at per capita income ranks 161st by GDP (nominal) and 138th by GDP (PPP) according to the International Monetary Fund (IMF). (Full article...)

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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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... that environmental economist V. Kerry Smith has been described as a "Renaissance Man of Economics"?
... that in 1958, Virginia Ali and her husband Ben Ali founded Ben's Chili Bowl, a landmark Washington, D.C. restaurant where Martin Luther King Jr., Jesse Jackson, and Stokely Carmichael would often eat?
... that Gerald Willis, after working as a bus driver at age 15, started a business that earned $2 million per year and built a replica of the Hermitage after watching The President's Lady?
... that the Lebon Patisserie & Café in Istanbul closed in 2022, after 212 years of business, due to the high increase of monthly rent?
... that Peachtree Arcade, a shopping arcade in the U.S. state of Georgia, was conceived after a local businessman visited the Cleveland Arcade?
... that while oil and gas production is a large part of Turkmenistan's economy, there are only two oil refineries in Turkmenistan?

On this day in business history

August 15:

1824 - John Chisum, a wealthy cattle baron in the American West, was born on this day.

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General images

The following are images from various business-related articles on Wikipedia.

Image 1Offices in the Los Angeles Downtown Financial District (from Business)
Image 2Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010. (from Entrepreneurship)
Image 3Time required to start a business in 2017 (from Business)
Image 41/8 share of the Stora Kopparberg mine, dated June 16, 1288 (from Corporation)
Image 5Mexican Stock Exchange in Paseo de la Reforma, Mexico City (from Business)
Image 6McDonald's Corporation is one of the most recognizable corporations in the world. (from Corporation)
Image 7In 2012, Ambassador-at-Large for Global Women's Issues Melanne Verveer greets participants in an African Women's Entrepreneurship Program at the State Department in Washington, D.C. (from Entrepreneurship)
Image 8"Jack and the Giant Joint-Stock", a cartoon in Town Talk (1858) satirizing the 'monster' joint-stock economy that came into being after the Joint Stock Companies Act 1844 (from Corporation)
Image 9Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton (from Entrepreneurship)
Image 10Dell Women's Entrepreneur Network event in New York City (from Entrepreneurship)
Image 11Chart of the South Sea Company's stock prices. The rapid inflation of the stock value in the 1710s led to the Bubble Act 1720, which restricted the establishment of companies without a royal charter. (from Corporation)
Image 12Plaque in London commemorating Jewish entrepreneur Sir Jack Cohen who in 1919 founded Tesco, the largest supermarket chain in the UK. (from Entrepreneurship)
Image 13Lindley LJ was the leading expert on partnerships and company law in the Salomon v. Salomon & Co. case. The landmark case confirmed the distinct corporate identity of the company. (from Corporation)

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More did you know

... that Well No. 4 in the Pico Canyon Oilfield was the first commercially successful oil well in the Western United States and the longest producing oil well in the world at 114 years?

...that, unlike the accounting systems that help in the preparation of financial reports periodically, cost accounting systems and reports are not subject to rules and standards like the Generally Accepted Accounting Principles?

... that during the Great Depression, violence in Seattle's Smith Cove between longshoremen, strikebreakers and police ultimately resulted in the loss of much of the city's maritime traffic to the Port of Los Angeles?

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