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.
Economics focuses on the behaviour and interactions of
economic agents and how
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
economic growth, and public policies that have impact on
these elements. (Full article...)
Throughout the Stalinist period, most Soviet workers had been paid for their work based on a
piece-rate system. Thus their individual wages were directly tied to the amount of work they produced. This policy was intended to encourage workers to toil and therefore increase production as much as possible. The piece-rate system led to the growth of bureaucracy and contributed to significant inefficiencies in Soviet industry. In addition, factory managers frequently manipulated the personal production quotas given to workers to prevent workers' wages from falling too low.
The 1933 double eagle is a
United States 20-dollar gold coin. Although 445,500 specimens of this Saint-Gaudens
double eagle were
minted in 1933 none were ever officially circulated and all but two were melted down. Supposedly, 20 found their way into the hands of collectors, but 19 of these were subsequently seized or voluntarily turned in to the Secret Service, who destroyed nine of them, making this one of the world's rarest coins. Five are still missing out of the 20.
The economy of Belize is a small, essentially private enterprise economy that is based primarily on agriculture, tourism, and services. The cultivation of newly discovered oil in the town of
Spanish Lookout has presented new prospects and problems for this developing nation.
Belize's primary exports are citrus, sugar, and bananas. Belize's
trade deficit has been growing, mostly as a result of low export prices for sugar and bananas.
The new government faces important challenges to economic stability. Rapid action to improve tax collection has been promised, but a lack of progress in reining in spending could bring the exchange rate under pressure. The
Belize Dollar is fixed to the
U.S. dollar at a rate of 2:1. (Full article...)
"This paper presents a critique of
expected utility theory as a descriptive model of decision making under risk, and develops an alternative model, called
prospect theory. Choices among risky prospects exhibit several pervasive effects that are inconsistent with the basic tenets of utility theory. In particular, people underweight outcomes that are merely probable in comparison with outcomes that are obtained with certainty. This tendency, called the
certainty effect, contributes to risk aversion in choices involving sure gains and to risk seeking in choices involving sure losses. In addition, people generally discard components that are shared by all prospects under consideration. This tendency, called the
isolation effect, leads to inconsistent preferences when the same choice is presented in different forms."
...the term petrodollars was coined by
Ibrahim Oweiss to describe dollars that did not circulate inside the
United States, and therefore were not part of the normal money supply, and instead were received by petroleum exporting countries (
OPEC) in exchange for