Portal:Business and Economics
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Introduction

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.

Selected article

Oliver typewriter.png

The Oliver Typewriter Company was an American typewriter manufacturer headquartered in Chicago, Illinois. The Oliver Typewriter was the first effective "visible print" typewriter, meaning text was visible to the typist as it was entered. Oliver typewriters were marketed heavily for home use, utilizing local distributors and sales on credit. Oliver produced more than one million machines between 1895 and 1928 and licensed its designs to several international firms.


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IBM stand during CeBIT 2010 at the Hanover fairground, the largest exhibition ground in the world, in Hanover, Germany.

A trade fair (trade show, trade exhibition or expo) is an exhibition organized so that companies in a specific industry can showcase and demonstrate their latest products, service, study activities of rivals and examine recent market trends and opportunities. In contrast to consumer fairs, only some trade fairs are open to the public, while others can only be attended by company representatives (members of the trade, e.g. professionals) and members of the press, therefore trade shows are classified as either "Public" or "Trade Only". A few fairs are hybrids of the two; one example is the Frankfurt Book Fair, which is trade-only for its first three days and open to the general public on its final two days. They are held on a continuing basis in virtually all markets and normally attract companies from around the globe. For example, in the U.S. there are currently over 10,000 trade shows held every year, and several online directories have been established to help organizers, attendees, and marketers identify appropriate events.

Selected economy

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The economy of Iran is a mixed and transition economy with a large public sector. Some 60% of the economy is centrally planned. It is dominated by oil and gas production, although over 40 industries are directly involved in the Tehran Stock Exchange, one of the best performing exchanges in the world over the past decade. With 10% of the world's proven oil reserves and 15% of its gas reserves, Iran is considered an "energy superpower".

It is the world's eighteenth largest by purchasing power parity (PPP) and thirty-second by nominal gross domestic product. The country is a member of Next Eleven because of its high development potential.

A unique feature of Iran's economy is the presence of large religious foundations called Bonyad, whose combined budgets represent more than 30% of central government spending.


Selected quote

"The feature of actual business to which, like Professor Sraffa, we draw attention, and which does not seem to have been generally taken account of in economic theory, is the existence with reference to each seller of groups of buyers who will deal with him instead of with his competitors in spite of a difference in price. If a seller increases his price too far he will gradually lose business to his rivals, but he does not lose all his trade instantly when he raises his price only a trifle. Many customers will still prefer to trade with him because they live nearer to his store than to the others, or because they have less freight to pay from his warehouse to their own, or because his mode of doing business is more to their liking, or because he sells other articles which they desire, or because he is a relative or a fellow Elk or Baptist, or on account of some difference in service or quality, or for a combination of reasons. Such circles of customers may be said to make every entrepreneur a monopolist within a limited class and region and there is no monopoly which is not confined to a limited class and region. The difference between the Standard Oil Company in its prime and the little corner grocery is quantitative rather than qualitative. Between the perfect competition and monopoly of theory lie the actual cases"

Harold Hotelling, Stability in Competition, 1929

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November 16:

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