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The length of a business cycle is the period of time containing a single boom and contraction in sequence. These fluctuations typically involve shifts over time between periods of relatively rapid economic growth (expansions or booms) and periods of relative stagnation or decline (contractions or recessions). business economics
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
Business history is a historiographical field which examines the history of firms, business methods, government regulation and the effects of business on society. It also includes biographies of individual firms, executives , and entrepreneurs .
Francis Galton used the English term median for the first time in 1881 having earlier used the terms middle-most value in 1869 and the medium in 1880. [ 21 ] Adolphe Quetelet (1796–1874), another important founder of statistics, introduced the notion of the "average man" ( l'homme moyen ) as a means of understanding complex social phenomena ...
The term benchmark, originates from the history of guns and ammunition, in regards to the same aim as for the business term: comparison and improved performance. The introduction of gunpowder arms replaced the bow and arrow from the archer, who now had to learn to handle a gun.
Later during the Maurya dynasty (321–185 BCE), an instrument called adesha was in use, which was an order on a banker desiring him to pay the money of the note to a third person, which corresponds to the definition of a bill of exchange as we understand it today. During the Buddhist period, there was considerable use of these instruments.
In real terms, the economy doubled in size between 1978 and 1986, doubled again by 1994, and again by 2003. On a real per capita basis, doubling from the 1978 base took place in 1987, 1996 and 2006. By 2008, the economy was 16.7 times the size it was in 1978, and 12.1 times its previous per capita levels.
The German sociologist Max Weber (1864-1920) was the first to study bureaucracy formally, and his works led to the popularization of this term. [62] In his essay Bureaucracy, [63] published in his magnum opus, Economy and Society in 1921, Weber described many ideal-typical forms of public administration, government, and business. His ideal ...