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 Cross of Gold speech was delivered by William Jennings Bryan, a former congressman from Nebraska, at the Democratic National Convention in Chicago on July 9, 1896. In the address, Bryan supported bimetallism or "free silver", which he believed would bring the nation prosperity. He decried the gold standard, concluding the speech, "you shall not crucify mankind upon a cross of gold". Bryan's address helped catapult him to the Democratic Party's presidential nomination; it is considered one of the greatest political speeches in American history. For twenty years, Americans had been bitterly divided over the nation's monetary standard. Many Americans believed bimetallism (making both gold and silver legal tender) was necessary to the nation's economic health. Bryan's speech, delivered at the close of the debate on the party platform, electrified the convention and is generally credited with getting him the nomination for president. However, he lost the general election to William McKinley and the United States formally adopted the gold standard in 1900.
Office supplies being sold.
Office supplies is the generic term that refers to all supplies regularly used in offices by businesses and other organizations, from private citizens to governments, who works with the collection, refinement, and output of information (colloquially referred to as "paper work"). The office supply industry was estimated to be worth US$ 225 billion in 1999 and is still growing. As of 2006 , the largest office supply chains in the United States (in terms of revenue) are Staples (US$16B), Office Depot (US$15B), and OfficeMax (US$8.9B).
"However no decentralized pricing system can serve to determine optimally these levels of collective consumption. Other kinds of "voting" or "signalling" would have to be tried. But, and this is the point sensed by Wicksell but perhaps not fully appreciated by Lindahl, now it is in the selfish interest of each person to give false signals, to pretend to have less interest in a given collective consumption activity than he really has, etc. I must emphasize this: taxing according to a benefit theory of taxation can not at all solve the computational problem in the decentralized manner possible for the first category of "private" goods to which the ordinary market pricing applies and which do not have the "external effects" basic to the very notion of collective consumption goods. Of course, utopian voting and signalling schemes can be imagined. ("Scandinavian consensus," Kant's "categorical imperative," and other devices meaningful only under conditions of "symmetry," etc.) The failure of market catallactics in no way denies the following truth: given sufficient knowledge the optimal decisions can always be found by scanning over all the attainable states of the world and selecting the one which according to the postulated ethical welfare function is best. The solution "exists"; the problem is how to "find" it."
- —Paul Samuelson, The Pure Theory of Public Expenditure, 1954
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On this day in Business history...
Did you know...
- ...that Jerry White, cofounder of the Landmine Survivors Network, delivered the 2005 commencement address at the University of Michigan's Ross School of Business?
- ...that Kiran Mazumdar-Shaw, chairman of Biocon, is India's richest woman?
- ...advertising management is a function of marketing starting from market research, continuing through advertising, leading to actual sales or achievement of objectives?
- ... that a value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls?
- ...that EID Parry is one of the oldest business entities in the Indian subcontinent and owes its origin to Thomas Parry, a Welshman who came to India in late 1780s?
- ... that an agrarian society is one that is based on agriculture as its prime means for support and sustenance?
- ... that the expression Hindu rate of growth is used to refer to the low annual growth rate of the economy of India, which stagnated around 3.5% from 1950 to 1980?
- ...that Massachusetts Institute of Technology professor Daron Acemoğlu received the 2005 John Bates Clark Medal for his work on Skill Acquisition and Technological Change, Investment and Growth, Directed Search and Unemployment, The Role of Institutions in Economic Development and Political Economy?