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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.

The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, such as a corporation or cooperative. (Full article...)

Economics (/ˌɛkəˈnɒmɪks, ˌkə-/) 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 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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A Western Han (202 BC – 9 AD) covered jade cup with gilt bronze fittings, Sackler Museum

The economy of the Han dynasty (206 BC – 220 AD) of ancient China experienced upward and downward movements in its economic cycle, periods of economic prosperity and decline. It is normally divided into three periods: Western Han (206 BC – 9 AD), the Xin dynasty (9–23 AD), and Eastern Han (25–220 AD). The Xin regime, established by the former regent Wang Mang, formed a brief interregnum between lengthy periods of Han rule. Following the fall of Wang Mang, the Han capital was moved eastward from Chang'an to Luoyang. In consequence, historians have named the succeeding eras Western Han and Eastern Han respectively.

The Han economy was defined by significant population growth, increasing urbanization, unprecedented growth of industry and trade, and government experimentation with nationalization. Another large component of the government is that it was run by influential families who had the most money. In this era, the levels of minting and circulation of coin currency grew significantly, forming the foundation of a stable monetary system. The Silk Road facilitated the establishment of trade and tributary exchanges with foreign countries across Eurasia, many of which were previously unknown to the people of ancient China. The imperial capitals of both Western Han (Chang'an) and Eastern Han (Luoyang) were among the largest cities in the world at the time, in both population and area. Here, government workshops manufactured furnishings for the palaces of the emperor and produced goods for the common people. The government oversaw the construction of roads and bridges, which facilitated official government business and encouraged commercial growth. Under Han rule, industrialists, wholesalers, and merchants—from minor shopkeepers to wealthy businessmen—could engage in a wide range of enterprises and trade in the domestic, public, and even military spheres.

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Photo credit: Genghiskhanviet

A fish market is a marketplace used for marketing fish products. It can be dedicated to wholesale trade between fishermen and fish merchants, or to the sale of seafood to individual consumers, or to both. Retail fish markets, a type of wet market, often sell street food as well.

Fish markets range in size from small fish stalls to the great Tsukiji fish market in Tokyo, turning over about 660,000 tonnes a year.

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Shanghai, the financial center of China

China has an upper middle income, developing, mixed, socialist market economy incorporating industrial policies and strategic five-year plans. It is the world's second largest economy by nominal GDP, behind the United States, and the world's largest economy since 2016 when measured by purchasing power parity (PPP). Due to a volatile currency exchange rate, China's GDP as measured in dollars fluctuates sharply. China accounted for 19% of the global economy in 2022 in PPP terms, and around 18% in nominal terms in 2022. Historically, China was one of the world's foremost economic powers for most of the two millennia from the 1st until the 19th century. The economy consists of public sector enterprises, state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector and openness to foreign businesses in their system. Private investment and exports are the main drivers of economic growth in China, but the Chinese government has also emphasized domestic consumption. (Full article...)

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"One school of thought-influential in shaping the deregulatory policies that played a role in the current crisis-argued that the competitive equilibrium approach of microeconomics provided the correct foundations for macroeconomics. This school, based on the neoclassical model, was sometimes referred to as the "New Classical" school, or the "Chicago School," because some of its high priests taught at the University of Chicago. Because they believed that markets are always efficient, they contended that one should not be worried about economic fluctuations, such as the current recession-it was simply the efficient adjustment of the economy to shocks (such as changes in technology) coming from the outside. It was an approach that had strong policy prescriptions-a minimal role for government.

Thought they based their analyses on the neoclassical (Walrasian) models, they made a further simplification that all individuals were identical. This was called the "representative agent" model. But if all individuals are identical, there can be no borrowing or lending-that would simply be moving money from the left pocket to the right pocket. There can be no bankruptcy. While I argued earlier that problems of imperfect information are central to an understanding of modern economics, in their models there can be no information asymmetries, where one person knows something that someone else doesn't. Any information asymmetry would reflect intense schizophrenia, hardly consistent with their other assumptions of full rationality. Their models have nothing to say about the critical issues that are at play in the current crisis: so what if one gives the bankers an extra trillion dollars or two? In the model, the bankers and the workers are the same people. Key policy debates were simply assumed away. For instance, the representative agent model precludes any discussion of distribution. In a sense, views of values (including the view that the distribution of income is not important) are embedded in the very formulation of their analyses."

Joseph Stiglitz, Freefall, 2010

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