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The Business and Economics PortalBusiness 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. A distinction is made in law and public offices between the term business and a company such as a corporation or cooperative. Colloquially, the terms are used interchangeably. (Full article...) Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) 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 analyses 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 analyses the economy as a system where production, distribution, consumption, savings, and investment expenditure interact, and factors affecting it: factors of production, such as labour, capital, land, and enterprise, inflation, economic growth, and public policies that have impact on these elements. (Full article...) Selected articleIdlewild and Soak Zone, commonly known as Idlewild Park or simply Idlewild, is a family amusement park situated in the Laurel Highlands near Ligonier, Pennsylvania, United States, about 50 miles (80 km) east of Pittsburgh, along US Route 30. Founded in 1878 as a campground along the Ligonier Valley Railroad by Adam Moranduzzo, Idlewild is the oldest amusement park in Pennsylvania and the third oldest operating amusement park in the United States behind Lake Compounce and Cedar Point. The park has won several awards, including from industry publication Amusement Today as the best children's park in the world. Selected image
Selected economyThe economy of Peru is an emerging, mixed economy characterized by a high level of foreign trade and an upper middle income economy as classified by the World Bank. Peru has the forty-seventh largest economy in the world by total GDP and currently experiences a high human development index. The country was one of the world's fastest-growing economies in 2012, with a GDP growth rate of 6.3%. The economy was expected to increase 9.3% in 2021, in a rebound from the COVID-19 pandemic in Peru. Peru has signed a number of free trade agreements with its main trade partners. China became the nation's largest trading partner following the China–Peru Free Trade Agreement signed on 28 April 2009. Additional free trade agreements have been signed with the United States in 2006, Japan in 2011 and the European Union in 2012. Trade and industry are centralized in Lima while agricultural exports have led to regional development within the nation. (Full article...) Selected quote" I have already quoted in Marx's own words the passages relative to the subject. The line of argument divides itself clearly into three steps. First step. Since in exchange two goods are made equal to one another, there must be a common element of similar quantity in the two, and in this common element must reside the principle of Exchange value. Second step. This common element cannot be the Use value, for in the exchange of goods the use value is disregarded. Third step. If the use value of commodities be disregarded there remains in them only one common property—that of being products of labour. Consequently, so runs the conclusion, Labour is the principle of value; or, as Marx says, the use value, or "good," only has a value because human labour is made objective in it, is materialised in it. I have seldom read anything to equal this for bad reasoning and carelessness in drawing conclusions. The first step may pass, but the second step can only be maintained by a logical fallacy of the grossest kind. The use value cannot be the common element because it is "obviously disregarded in the exchange relations of commodities, for"—I quote literally—"within the exchange relations one use value counts for just as much as any other, if only it is to be had in the proper proportion." What would Marx have said to the following argument? In an opera company there are three celebrated singers—a tenor, a bass, and a baritone—and these have each a salary of £1000. The question is asked, What is the common circumstance on account of which their salaries are made equal? And I answer, In the question of salary one good voice counts for just as much as any other—a good tenor for as much as a good bass or a good baritone—provided only it is to be had in proper proportion; consequently in the question of salary the good voice is evidently disregarded, and the good voice cannot be the cause of the good salary. The fallaciousness of this argument is clear. But it is just as clear that Marx's conclusion, from which this is exactly copied, is not a whit more correct. Both commit the same fallacy. They confuse the disregarding of a genus with the disregarding of the specific forms in which this genus manifests itself. In our illustration the circumstance which is of no account as regards the question of salary is evidently only the special form which the good voice assumes, whether tenor, bass, or baritone. It is by no means the good voice in general. And just so is it with the exchange relations of commodities. The special forms under which use value may appear, whether the use be for food, clothing, shelter, or any other thing, is of course disregarded; but the use value of the commodity in general is never disregarded. Marx might have seen that we do not absolutely disregard use value from the fact that there can be no exchange value where there is not a use value—a fact which Marx himself is repeatedly forced to admit."
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