American business, U.S. Business, United States Business

The Encyclopedia of American Business is designed to assist students and other individuals in understanding the complex world of American business. The United States’s economy, at more than $10 trillion in 2004, is the largest economy in the world. The many organizations, institutions, government agencies, laws, and business concepts that make up the U.S. economic system create a complex and confusing, yet exciting, business environment. The goal in creating this encyclopedia is to provide readers with a resource to help them understand the many facets of American business. With our focus on American business, this encyclopedia provides useful insight for businesspeople around the world learning about the U.S. system. Two major resources were used in determining which topics to include in the encyclopedia. The first was the Wall Street Journal, the quintessential U.S. business newspaper. Issues, concepts, laws, and institutions discussed in the Journal were a major source of topics for this book. The second was “principles” texts used in beginning management, marketing, economics, finance, and accounting courses. Principles texts introduce students to concepts, laws, and institutions that make up the world of business. Our goal is to provide short summaries of these topics as a resource for students and individuals learning about American business. We would like to thank many individuals who assisted with this project, including Dr. Robert Williams; Professor Megan Fox; Melissa Hudson; Judy Mims; Vera Basilone; Tom Odom; our Facts On File editor, Owen Lancer; and the many contributing authors who assisted this effort. Thanks also to the University of South Carolina Beaufort for the support and resources used in creating this work. This book is dedicated to the many “teachers” who have influenced and enriched our lives. Davis Folsom would like to acknowledge and thank family members Myrtle and Morris Folsom; Ralph, Ellen, Roger, and Herb Folsom; Kathy and Brad Folsom; and special people including Dr. A. Robert Koch, Dr. Alpha Chang, Bertie Nelson “The Pro” Butts, Kathie Turick Robie, Jerry and Faye Rosenthal, Phil and Marilyn Ray, Bert and Lucille Keller, Helen Reece, Dr. Robert Botsch, Dr. Jim Snyder, and Dr. Mack Tennyson. Rick Boulware would like to acknowledge and thank Gwen L. Boulware, Sheryl B. Blanks, and Kevin D. Boulware for their loving support over many years; and Dr. Gerald A. “Jerry” Merwin Jr., mentor, colleague, and friend.