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FEDERAL RESERVE SYSTEM: THE central bank of the United States. It includes a Board of Governors, 12 District Banks, 25 Branch Banks, and assorted committees. The most important of these committees is the Federal Open Market Committee, which directs monetary policy. The Fed (as many like to call it) was established in 1913 and modified significantly during the Great Depression of the 1930s. It's duties are to maintain the stability of the banking system, regulate banks, and oversee the nation's money supply.
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FACTORY The physical capital (building and equipment) at a particular location used for the production of goods and services. A factory, or plant, is usually a relatively large production operation (compared with something smaller, like a shop). While factory and firm are occasionally used synonymously they are not really the same. A given firm might own more than factory and a given factory might be owned by more than one firm.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for malfunctioning pocket calculators.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"My future starts when I wake up every morning . . . Every day I find something creative to do with my life. " -- Miles Davis, musician
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OLS
Ordinary Least Squares
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