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[Portal] Business and economics

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Introduction

Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services).[need quotation to verify] Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors."

Having a 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.

The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner.

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Odwalla Inc. is an American food product company that sells fruit juices, smoothies and food bars. It was founded in Santa Cruz, California, in 1980 and since 1995 is headquartered in Half Moon Bay, California. Odwalla's products includes juices, smoothies, soy milk, bottled water, organic beverages, and several types of energy bars, known as "food bars".

The company experienced strong growth after its incorporation in 1985, expanding its distribution network from California to most of North America, and went public in 1993. In 2001, Odwalla was acquired by The Coca-Cola Company for US$181 million and became a wholly owned subsidiary.

A period of decline occurred as the result of a fatal outbreak of E.coli-H7 in 1996 that was caused by using bruised fruit that had been contaminated. Odwalla originally sold unpasteurized juices, claiming that the process of pasteurization altered the flavor of the juice. Following the E.coli outbreak, Odwalla adopted flash pasteurization and other sanitization procedures. Odwalla recalled its juices and experienced a 90% reduction in sales following the event. The company gradually recovered and the following year became profitable again.

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1933 double eagle coin
Photo credit: User:293.xx.xxx.xx

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.

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"The world economy, like the economy of a single country, can be visualized as a system of interdependent processes. Each process, be it the manufacture of steel, the education of youth or the running of a family household, generates certain outputs and absorbs a specific combination of inputs. Direct interdependence between two processes arises whenever the output of one becomes an input of the other: coal, the output of the coal mining industry, is an input of the electric power generating sector. The chemical industry uses coal not only directly as a raw material but also indirectly in the form of electrical power. A network of such links constitutes a system of elements which depend upon each other directly, indirectly or both. The state of a particular economic system can be conveniently described in the form of a two-way input-output table showing the flows of goods and services among its different sectors, and to and from processes or entities (“value added” and “final demand”) viewed as falling outside the conventional borders of an input-output system. As the scope of the inquiry expands, new rows and columns are added to the table and some of the external inflows and outflows become internalized. Increasing the number of rows and columns that describe an economic system also permits a more detailed description of economic activities commonly described in highly aggregative terms."

Wassily Leontief, Structure of the World Economy, 1973

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  • ...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 oil?

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This page was last updated at 2021-07-02 08:50, update this pageView original page

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