See WORLD BANK.

The Department of the Treasury is responsible for administering and enforcing the internal revenue laws of the United States. The Secretary of the Treasury has delegated most revenue functions and authority to the Commissioner of Internal Revenue, the CHIEF EXECUTIVE OFFICER of the Internal Revenue Service (IRS).

An interlocking directorate is a network of business leaders who are members of boards of directors of CORPORATIONs. Any situation in which a director sits on the board of two or more companies simultaneously creates an interlocking directorate. While interlocking directorates are most associated with Japanese business, they are a powerful force in U.S. business practices.

In economic theory, interest is what is paid to induce a person with MONEY to save it and invest it in long-term ASSETS rather than spend it or a payment by borrowers for the use of funds. The rate of interest is a product of the interaction between the DEMAND for CAPITAL and the SUPPLY of savings. A higher demand for capital relative to the supply for savings produces higher interest rates, and vice versa.

The Inter-American Development Bank (IDB) is a regional, multilateral development organization.

Intellectual property is a broad category of intangible property rights created by law. COPYRIGHTs, PATENTs and TRADEMARKs are examples of intellectual property. Patents for inventions are adjudicated exclusively under federal and statutory law.

Insurance is an asset purchased by individuals and organizations to protect them from loss and provide them with a way to reduce the risk of exposure to possible injury or loss. There are three classifications of RISK—personal risk, property risk, and LIABILITY risk—and it is possible to be insured against all three types.

The Institute of Management Accountants (IMA) is “the leading professional organization devoted exclusively to MANAGERIAL ACCOUNTING and financial management.” As set forth on its website its mission and vision statements, its goals are “to help members develop both personally and professionally, by means of education, certification, and association with other business professionals.”

Formerly the National Association of Purchasing Managers, the Institute for Supply Management (ISM) is the leading professional organization of PURCHASING and supply-chain MANAGEMENT professionals; the organization changed its name in 2002.

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.

In all businesses that produce a product or service there is an input-output process. This process includes all the resources needed to create the product or services that are then transformed into finished items that are sold in the marketplace.

Injunctions are judicial orders to cease and desist from certain activities—for example, destroying documents relevant to litigation.

“Going public” is when the stock of a closely held CORPORATION, PROPRIETORSHIP, or PARTNERSHIP is offered for sale to the public for the first time. This sale of formerly closely held shares is known as an initial public offering (IPO).

Infrastructure is man-made products services that facilitate production and distribution of other goods and services. The term was originally used to refer to the basic systems that support a community. Roads, bridges, railroad tracks, power lines, sewer systems, and water systems are considered part of a community’s infrastructure.

Infomercials are program-length TV commercials, usually devoted solely to one product, that resemble regular programming; the name is derived from “information” and “commercials.” Infomercials are used to increase public awareness, develop brand-name recognition, and create a direct consumer response.

Inflation is a sustained rise in the average level of prices that causes a decrease in the PURCHASING power of a country’s currency. By decreasing the purchasing power of money, inflation has what economists call redistributive effects. During periods of inflation, people who are on fixed INCOMEs, such as pensioners, as well as holders of BONDS and other fixed-interest credit instruments are paid with MONEY that has lost part of its purchasing power.

The Industrial Workers of the World (IWW) was a major U.S. UNION during the early 20th century; today it is a small international union. Established in Chicago in 1905, the IWW (or “wobblies” as they came to be called) was one of the first industrial unions.

The field of industrial-organizational (I/O) psychology includes the study of all aspects of human behavior in the business environment. Because people spend a considerable amount of time at work and often with other people, understanding work-related experiences and attitudes is critical for improving the overall quality of work life and employee performance within an organization.

In 1974 the Employee Retirement Security Act created the Individual Retirement Account (IRA), allowing eligible persons to establish their own tax-deferred retirement savings plans from which withdrawals can be made after age 70½.

In the business world, economic indicators are measures associated with BUSINESS CYCLES. Business indicators are statistical measures used by individual firms or industry groups to measure and predict changes in business activity. There are three categories of indicators: leading, coincident, and lagging.

The Index of Consumer Expectations is a measure of how consumers view prospects for their financial situation and the general economy over the near term and long term. The index is part of the University of Michigan’s monthly Surveys of Consumers.

Independent contractors are individuals or companies that provide SERVICES for consumers, businesses, or govern- ment. Most professionals are independent contractors, who are best defined by what they are not: employees. Independent contractors typically are paid by the task, while employees are paid by the hour.

Incorporation is the process of creating a CORPORATION. The rules on incorporating vary somewhat from state to state, with Delaware often perceived to be the most desirable state in which to incorporate because its fees tend to be low. The “articles of incorporation” typically create the company name, designate its corporate officers, identify its headquarters, indicate the amount of CAPITAL involved, and establish BYLAWS (rules of CORPORATE GOVERNANCE).

An income statement measures a firm’s profitability (or lack thereof) for a period of time known as the accounting period, which can be monthly, quarterly, yearly, or any other length of time.