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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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John D. Rockefeller
John Davison Rockefeller, Sr. (July 8, 1839–May 23, 1937) was an American industrialist and philanthropist who played a pivotal role in the establishment of the oil industry, and defined the structure of modern philanthropy. In 1870, Rockefeller helped found the Standard Oil company. Over a forty-year period, Rockefeller built Standard Oil into the largest and most profitable company in the world, and became the world's richest man.

His business career was controversial. He was bitterly attacked by muckraking journalists; his company was convicted in the Federal Court of monopolistic practices and broken up in 1911. He gave up active management of Standard Oil in the late 1890s, while keeping a large fraction of the shares. He spent the last forty years of his life focused on philanthropic pursuits, primarily related to education and public health. He donated most of his wealth using multiple foundations run by experts. He was a devout Northern Baptist and supported many church-based institutions throughout his life.

Rockefeller may ultimately be remembered simply for the raw size of his wealth. In 1902, an audit showed Rockefeller was worth about $200 million, compared to the total national wealth that year of $101 billion. His wealth grew significantly after as the demand for gasoline soared, eventually reaching about $900 million, including significant interests in banking, shipping, mining, railroads, and other industries. By the time of his death in 1937, Rockefeller's remaining fortune, largely tied up in permanent family trusts, was estimated at $1.4 billion. Rockefeller's net worth over the last decades of his life would easily place him among the list of wealthiest persons in history. As a percentage of the United States economy, no other American fortune—including Bill Gates or Sam Walton—would even come close.

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Great Fish Market by Jan Brueghel the Elder.
Photo credit: Genghiskhanviet

A fish market is a marketplace used for marketing fish products. It can be dedicated to wholesale trade between fishermen and fish merchants, or to the sale of seafood to individual consumers, or to both. Retail fish markets, a type of wet market, often sell street food as well.

Fish markets range in size from small fish stalls to the great Tsukiji fish market in Tokyo, turning over about 660,000 tonnes a year.

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"Jacob H. Schiff, one of New York's greatest financiers, and one of the witnesses who testified before the committee, is an example of a man with the kind of mind and over-selfish viewpoint which prevails among the men who had a personal financial interest in the result of the Committee's investigation, such as the banker members of the Banking and Currency Committee may be expected to have. Mr. Schiff, under oath, told the committee in substance that:

If individuals can accomplish a monopoly he believes they should not be hampered by law! The laws of nature, he told the committee, are best for preventing too gigantic projects; and he cited the fall of the Tower of Babel as in example of the futility of human effort extended too far. Among the articles expounded by Schiff in his creed of business and finance was the assertion that the minority in all corporations should not be allowed representation among the officers and directors by law. ‘The majority should always rule.’ he said, 'and the minority should protect their rights as best they can.’

Is it not easy to see by this statement of Mr. Schiff's that it is preposterous for Congress to appoint mostly bankers, their agents and attorneys on its Banking and Currency Committee? Mr. Schiff is not cut from a different cloth, nor by a different pattern than the rest of humanity. Acting in our individual capacity, we look after our own interests, but in a collective sense we have not carried this interest far enough, and, consequently, we have such financial wizards as Mr. Schiff."

Charles August Lindbergh, Banking and Currency and the Money Trust, 1913

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May 29:

Did you know

  • ... that Italy is the third largest producer of wine in the world?
  • ...that Calouste Gulbenkian was known as Mr. Five Percent because he retained 5% of the shares of Royal Dutch/Shell, the second-largest corporation in the world by revenue, which he participated in the formation of in 1907?

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