BusinessBusiness is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." 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.
Mass productionMass production, also known as flow production or continuous production, is the production of substantial amounts of standardized products in a constant flow, including and especially on assembly lines. Together with job production and batch production, it is one of the three main production methods. The term mass production was popularized by a 1926 article in the Encyclopædia Britannica supplement that was written based on correspondence with Ford Motor Company.
Production functionIn economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics. One important purpose of the production function is to address allocative efficiency in the use of factor inputs in production and the resulting distribution of income to those factors, while abstracting away from the technological problems of achieving technical efficiency, as an engineer or professional manager might understand it.
Industrial societyIn sociology, industrial society is a society driven by the use of technology and machinery to enable mass production, supporting a large population with a high capacity for division of labour. Such a structure developed in the Western world in the period of time following the Industrial Revolution, and replaced the agrarian societies of the pre-modern, pre-industrial age. Industrial societies are generally mass societies, and may be succeeded by an information society. They are often contrasted with traditional societies.
SchoolA school is an educational institution designed to provide learning spaces and learning environments for the teaching of students under the direction of teachers. Most countries have systems of formal education, which is sometimes compulsory. In these systems, students progress through a series of schools. The names for these schools vary by country (discussed in the Regional terms section below) but generally include primary school for young children and secondary school for teenagers who have completed primary education.
CompanyA company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Companies take various forms, such as: voluntary associations, which may include nonprofit organizations business entities, whose aim is generating profit financial entities and banks programs or educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared incorporation, or published policy.
Industrial RevolutionThe Industrial Revolution, also known as the First Industrial Revolution, was a period of global transition of human economy towards more efficient and stable manufacturing processes that succeeded the Agricultural Revolution, starting from Great Britain, continental Europe, and the United States, that occurred during the period from around 1760 to about 1820–1840. This transition included going from hand production methods to machines; new chemical manufacturing and iron production processes; the increasing use of water power and steam power; the development of machine tools; and the rise of the mechanized factory system.
Business planA business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals. It also describes the nature of the business, background information on the organization, the organization's financial projections, and the strategies it intends to implement to achieve the stated targets. In its entirety, this document serves as a road-map (a plan) that provides direction to the business.
Marine habitatA marine habitat is a habitat that supports marine life. Marine life depends in some way on the saltwater that is in the sea (the term marine comes from the Latin mare, meaning sea or ocean). A habitat is an ecological or environmental area inhabited by one or more living species. The marine environment supports many kinds of these habitats. Marine habitats can be divided into coastal and open ocean habitats. Coastal habitats are found in the area that extends from as far as the tide comes in on the shoreline out to the edge of the continental shelf.
Holding companyA holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own stock of other companies to form a corporate group. In some jurisdictions around the world, holding companies are called parent companies, which, besides holding stock in other companies, can conduct trade and other business activities themselves.
