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Economics is the study of the value system and rewards of a particular society.


A business is a legally recognized organizational entity designed to provide goods or services.[1]


  1. a "person's occupation, work, or trade",[2]
  2. an activity that someone is engaged in,
  3. work that has to be done or matters that have to be attended to, or
  4. the practice of making one's living by engaging in commerce

is called a business.


This image depicts units of currency issued by the United States of America. Credit: the United States government.

Def. a current medium of exchange in the form of coins and banknotes is called money.



  1. buying "and selling of goods and services on a market"[3] or
  2. an "instance of bartering items in exchange for one another"[3]

is called trade.

Theoretical economics

Def. "a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses"[4] is called economics.


Def. a science that studies the production, consumption, and transfer of wealth is called economics.



  1. The economics of entrepreneurship favors an open market.

Control groups

This is an image of a Lewis rat. Credit: Charles River Laboratories.

The findings demonstrate a statistically systematic change from the status quo or the control group.

“In the design of experiments, treatments [or special properties or characteristics] are applied to [or observed in] experimental units in the treatment group(s).[5] In comparative experiments, members of the complementary group, the control group, receive either no treatment or a standard treatment.[6]"[7]

Proof of concept

Def. a “short and/or incomplete realization of a certain method or idea to demonstrate its feasibility"[8] is called a proof of concept.

Def. evidence that demonstrates that a concept is possible is called proof of concept.

The proof-of-concept structure consists of

  1. background,
  2. procedures,
  3. findings, and
  4. interpretation.[9]

See also


  1. Wikipedia: Business (disambiguation)
  2. "business, In: Wiktionary". San Francisco, California: Wikimedia Foundation, Inc. 11 April 2015. Retrieved 2015-05-18. 
  3. 3.0 3.1 "trade, In: Wiktionary". San Francisco, California: Wikimedia Foundation, Inc. 14 April 2015. Retrieved 2015-05-18. 
  4. Lionel Robbins (1932). 15 An Essay on the Nature and Significance of Economic Science. London. 15. 
  5. Klaus Hinkelmann, Oscar Kempthorne (2008). Design and Analysis of Experiments, Volume I: Introduction to Experimental Design (2nd ed.). Wiley. ISBN 978-0-471-72756-9. 
  6. R. A. Bailey (2008). Design of comparative experiments. Cambridge University Press. ISBN 978-0-521-68357-9. 
  7. "Treatment and control groups, In: Wikipedia". San Francisco, California: Wikimedia Foundation, Inc. May 18, 2012. Retrieved 2012-05-31. 
  8. "proof of concept, In: Wiktionary". San Francisco, California: Wikimedia Foundation, Inc. November 10, 2012. Retrieved 2013-01-13. 
  9. Ginger Lehrman and Ian B Hogue, Sarah Palmer, Cheryl Jennings, Celsa A Spina, Ann Wiegand, Alan L Landay, Robert W Coombs, Douglas D Richman, John W Mellors, John M Coffin, Ronald J Bosch, David M Margolis (August 13, 2005). "Depletion of latent HIV-1 infection in vivo: a proof-of-concept study". Lancet 366 (9485): 549-55. doi:10.1016/S0140-6736(05)67098-5. Retrieved 2012-05-09. 

External links


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