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A business is a commercial enterprise within the economy that undertakes economic activities. Several different types of businesses exist with different legal rights, goals and activities. The main goal of most businesses is profit maximization, although businesses may also aim to maximize sales, increase market share, provide quality products, provide employment, gain prestige, provide important goods and services to society or be self-employed.
In economics businesses are known as producers and usually belong to the producer sector of the economy. The money that is exchanged by a consumer for goods and services from the business is known as sales revenue. This is usually able to cover the costs of production, including rent for land, capital investment and wages for workers. The remaining revenue will form profit, which is earned for entrepreneurship. Entrepreneurship is the organization of resources to produce a product, which is essential for starting and operating a business.
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This category includes the entries dealing with the size, development, and management of productive resources, i.e., land, labor, and capital.
There is a brief description of the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes some major economic events and policy changes and may include a statement about one or two key future macroeconomic trends.
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- Dominated by the onrush of technology, especially in computers, robotics, telecommunications, and medicines and medical equipment.
- Most of these advances take place in OECD nations
- Only a small portion of non-OECD countries have succeeded in rapidly adjusting to these technological forces.
- The accelerated development of new industrial (and agricultural) technology is complicating already grim environmental problems.
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