Category: Business

Industrial Revolution

I INTRODUCTION Industrial Revolution, a term first used in the early 19th century to describe major changes in modes of production in Britain since the mid-18th century and their social consequences. However, it was quickly recognized outside as well as inside Britain that the consequences of the introduction of machinery, driven by steam power, would […]

Industry

I INTRODUCTION Industry, the long-term changes in types and distribution of global economic activity. In everyday usage, the term “industry” refers to large manufacturing companies, such as the big multinational car companies. In this article a broader definition of industry will be used, which includes all economic activities, in all sectors, and groups them into […]

Business Cycle

I INTRODUCTION Business Cycle, a term used in economics to designate changes in the economy. Ever since the Industrial Revolution, the level of business activity in industrialized capitalist countries has veered from high to low, taking the economy with it. II PHASES OF THE BUSINESS CYCLE The timing of a cycle is not predictable, but […]

Corporation

I INTRODUCTION Corporation, an organization, recognized and created by law, that allows people to associate together for a common purpose under a common name. The corporation is a key economic institution, even though it is not the most prevalent form of business organization. Business corporations are known as joint-stock companies because they are jointly owned […]

Business

I INTRODUCTION Business, complex economic operations concerning those functions that govern the production, distribution, and sale of goods and services for the benefit of the buyer and the profit of the seller. The economic transformation ushered in by the Industrial Revolution brought with it new and constantly changing ways of conducting business, and the creation […]

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