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BANK: A financial organization that accepts deposits, makes loans, and directly controls a significant portion of the nation's money supply. In the olden days of the economy (before 1980), a bank was easy to identify because it had the word "bank" in it's name -- such as "First National Bank", "Second National Bank", etc. However, after several laws were passed in the early 1980s to reform and deregulate the banking industry, the term bank has come to functionally include other financial institutions that previously went by the titles of "Savings and Loan," "Credit Union," and "Mutual Savings Banks." These institutions are operationally considered banks because they all perform "banking" functions -- especially accepting checking account deposits and making loans.
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OLIGOPSONY A market characterized by a small number of large buyers controlling the buying-side of a market. Oligopsony is the buying-side equivalent of a selling-side oligopoly. Much as a oligopoly is a market dominated by a few large sellers, oligopsony is a market dominated by a few large buyers. While oligopsony could be analyzed for any type of market it tends to be most relevant for factor markets in which a handful of firms control the buying of a factor. Two related buying side market structures are monopsony and monopsonistic competition.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"In a restless, creative business with an emphasis on experiment and development, ideas are the lifeblood." -- Richard Branson, Virgin Group founder
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WFTU
World Federation of Trade Unions
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