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The time required to start a business is the number of calendar days needed to complete the procedures to legally operate a business. This chart is from 2017 statistics.

Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services).[need quotation to verify] Simply put, it is "any activity or enterprise entered into for profit."

Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner. (Full article...)

Economics (/ɛkəˈnɒmɪks, kə-/) is "the 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. Within mainstream economics, microeconomics is a field which analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. (Full article...)

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AIG New York headquarters at dusk

American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 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 a sponsor of AIG Women’s Open (golf) and of New Zealand Rugby (AIG All blacks).

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 in shareholder equity.

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Schooner attacking a merchant ship
Photo credit: Caciss

Seaborne piracy has been affecting trade since the 13th century BC. Seaborne piracy against transport vessels remains a significant issue, with estimated worldwide losses of US $13 to $16 billion per year.

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The economy of Zimbabwe is mainly relies on its tertiary industry, which makes up to 60% of the total GDP as of 2017. Zimbabwe has the second biggest informal economy as a share of its economy, which has a score of 60.6%. Agriculture and mining largely contribute to exports. The economy of Zimbabwe grew at an average of 12% from 2009 to 2013, rendering it one of the fastest growing economies in the world. It had recovered from its negative growth from 1998 to 2008, before it slowed to 0.7% growth in 2016.

The country has reserves of metallurgical-grade chromite. Other commercial mineral deposits include coal, asbestos, copper, nickel, gold, platinum and iron ore. (Full article...)

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"So it was Mother the psychologist and Dad the motion study man and general contractor, who decided to look into the new field of the psychology of management, and the old field of psychologically managing a houseful of children. They believed that what would work in the home would work in the factory, and what would work in the factory would work in the home."

Frank Bunker Gilbreth, Jr. and Ernestine Gilbreth Carey, Cheaper by the Dozen, 1948

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On this day in business history

January 25:

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

More 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 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.

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