ABSTRACT
This chapter reviews some of the characteristic institutions under which economic laws are operating. Business signifies any occupation, employment, or investment for the sake of income. A science teaches us to know, an art to do; a science logically precedes the creation of a corresponding useful art. Economic science is the only true guide of industrial procedure; it contains the premises of reasoning on business affairs. Private property to-day rests upon the one ground of social expediency. A large factory finds it necessary to be in the midst of a large and varied supply of labor. The advantages of marketing and of transportation facilities are found in the city. An enterpriser is at liberty to invest where the returns are most promising, and quite naturally he will invest his energy and capital where nature promises most co-operation. The tendency of large capital Is to specialize.
