General-purpose credit cards, unknown in the United States before 1958, have become an essential feature of commerce.
Confederate currency January 9, 2011
Confederate currency—produced by the Confederate government and by individual states in the Confederacy—was critical to the South during the U.S. Civil War in its attempts to establish its own union.
Warren Buffett December 26, 2010
Buffett turned a talent for business and a head for numbers into a very successful investment career. His investment strategies and business plans have been both copied and criticized.
Bond industry December 26, 2010
Bonds are financial instruments by which buyers lend money to sellers under the terms outlined for each particular bond.
Bloomberg’s Business News Services December 26, 2010
Bloomberg’s offered its clients upto-the-minute and breaking news about financial markets, allowing them to respond immediately to events that could influence the value of investments.
American Stock Exchange (AMEX): business history December 6, 2010
Originally known as the New York Curb Market, the American Stock Exchange (AMEX) first met outdoors on Broad Street, near Exchange Place, in New York City.
Accounting industry September 9, 2010
The demand for audited financial records in American business emerged as early as 1628, when the Massachusetts Bay Company was chartered as a joint-stock company to finance the Pilgrims bound for New England.
Supply-side economics February 3, 2010
Supply-side economics centers on the idea that lower marginal tax rates increase peoples’ incentives to work. First articulated by economist Arthur Laffer in 1974, supply-side economics increases labor productivity by allowing workers to keep more of their added INCOME. This, in turn, increases taxable output and income, resulting in greater revenue for government.
Ponzi scheme February 2, 2010
A Ponzi scheme is a fraudulent financial-INVESTMENT proposition in which initial investors are promised extraordinarily high rates of return, usually to be realized after a short period of time. These very high rates of return attract a few initial investors who are paid with the funds of subsequent investors.
New York Stock Exchange February 2, 2010
The New York Stock Exchange (NYSE) is the oldest stock exchange in the United States. Established in 1792 along a wall that had been used to keep wild pigs out of settlers’ gardens in lower Manhattan (WALL STREET), the NYSE is the largest stock exchange in the world based on dollar value of shares traded. In 2000 the exchange traded 262.5 billion shares, valued at $11.1 trillion dollars.
National Association of Securities Dealers Automated Quotation System February 2, 2010
The National Association of Securities Dealers Automated Quotation System (NASDAQ) is the world’s largest electronic stock market. Created by the National Association of Securities Dealers (NASD) in 1971, NASDAQ is a computerized market system allowing 11,000 traders at 790 firms to buy and sell shares of stock.
Mortgage January 31, 2010
A mortgage is a loan secured by real property in which the lender obtains the legal right to liquidate (sell) the property to recover its funds in the event the borrower fails to make payment on the loan. The purchase of a home is often a consumer’s single largest purchase in his or her life.
Marshall Plan (European Recovery Program) January 31, 2010
To advance economic recovery in Europe following World War II, the Marshall Plan, or the European Recovery Program, was established. A draft of this plan took form in a commencement speech given at Harvard University on June 5, 1947, by U.S. Secretary of State George C. Marshall, who spoke of the importance of restoring “economic health” in order to assure “political stability” in the region.
Insider trading: american business January 30, 2010
Insider trading is the buying and selling of shares of stock in a CORPORATION by the company’s managers, BOARD OF DIRECTORS, or other individuals with a financial interest in or knowledge of the company. Some insider trading is legal and closely watched in the marketplace, while other insider trading is illegal and closely scrutinized by securities- industry authorities.
Federal Deposit Insurance Corporation January 29, 2010
The Federal Deposit Insurance Corporation (FDIC) is a government agency administering federal deposit INSURANCE funds and regulating state-chartered “nonmember” banks. The FDIC is directed by a five-member BOARD OF DIRECTORS, appointed by the U.S. president and approved by the Senate.
Farm Credit System January 29, 2010
The Farm Credit System (FCS) is a national financial cooperative providing loans to farmers, cooperatives, rural homeowners, agribusinesses, and rural utility systems.
U.S. Department of the Treasury: american business January 27, 2010
The U.S. Department of the Treasury is the major financial management department for the federal government.
Credit union January 27, 2010
A credit union is a nonprofit cooperative financial institution that primarily provides consumer credit LOANS to its members, with funds deposited by its participants. Credit unions are mutually owned and run by their members, with a BOARD OF DIRECTORS, elected by the members, which sets policies and procedures.
Commodity markets: american business January 25, 2010
Commodity markets are markets where basic goods and materials are exchanged. Commodity markets can be as small as a local farmers market or as large as the Chicago Board of Trade (CBOT), the first commodity exchange in the United States.
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