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SHERMAN ACT: The first antitrust law passed in the United States in 1890 that outlawed monopoly or any attempts to monopolize a market. This was one of three major antitrust laws passed in the late 1800s and early 1900s. The other two were the Clayton Act and the Federal Trade Commission Act. The Sherman Act was successfully used to break up several noted monopolies in the early 1900s, including the Standard Oil Trust in 1911. However, it was flawed by (1) vague wording that allowed wide interpretation (especially based on political influence) and (2) the lack of an effective means of enforcement other than an extended journey through the court system. These two flaws led to the Federal Trade Commission Act and Clayton Act, both passed in 1914. Although other laws have been passed, the Sherman Act remains the cornerstone of antitrust laws in the United States.
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LIMITED LIABILITY A condition in which owners of a business are not personally held responsible for the debts created by the business. Corporations are the most noted types of business organizations in which owners have limited liability. Limited liability makes it possible for a business to accumulate large sums of money and thus to take advantage of large scale production. The alternative to limited liability is unlimited liability, a characteristic of proprietorships and partnerships.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"We can't take any credit for our talents. It's how we use them that counts. " -- Madeleine L'Engle, Writer
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Unemployment Rate
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