Business is the activity of making one's living or making money by producing or buying and selling goods or services. 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." The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, but this article will not deal with that sense of the word.
Business economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets. A professional focus of the journal Business Economics has been expressed as providing "practical information for people who apply economics in their jobs." Business economics is an integral part of traditional economics. It is an extension of economic concepts to the real business situations. It is an applied science in the sense of a tool of managerial decision-making and forward planning by management. In other words, Business economics is concerned with the application of economic theory to business management.
Economics () is the social science that studies the production, distribution, and consumption of goods and services.
Management (or managing) is the administration of an organization, whether it is a business, a not-for-profit organization, or government body. Management includes the activities of setting the strategy of an organization and coordinating the efforts of its employees (or of volunteers) to accomplish its objectives through the application of available resources, such as financial, natural, technological, and human resources. The term "management" may also refer to those people who manage an organization.
An artisan busies himself with his work for three hours each day and spends nine hours in study.
Maimonides, Treatise 3: “The Study of the Torah,” Chapter 1, Section 12, H. Russell, trans. (1983), p. 52
Mission is at the heart of what you do as a team. Goals are merely steps to its achievement. Mission has an eternal quality. Goals are time bound and once achieved, are replaced by others.
Patrick Dixon (2005) Building a Better Business - the key to management, marketing and motivation. p. 66
I think any man in business would be foolish to fool around with his secretary. If it's somebody else's secretary, fine!
Attributed to Barry Goldwater in: Conference Board (1978) Across the board. Vol. 15. p. 74.